am. 111. On May 31, 2023, Sheridan Company consigned 90 freezers, costing $600 each, to Carla Vista Company. The cost of shipping thefreezers amounted to $1,020 and was paid by Sheridan. On December 30, 2023, a report was received from the consignee, indicatingthat 45 freezers had been sold for $890 each. Remittance was made by the consignee for the amount due after deducting acommission of 6%, advertising of $230, and total installation costs of $510 on the freezers sold.(a)Calculate the inventory value of the units unsold in the hands of the consignee.Inventory value of units unsold$eTextbook and MediaSave for LaterAttempts: 0 of 5 used Submit Answer(b)The parts of this question must be completed in order. This part will be available when you complete the part above.(c)The parts of this question must be completed in order. This part will be available when you complete the part above.

Step 1: Inventory cost per unit Inventory cost per unit = Cost + (Shipping fee/Units…

Answered: On May 31, 2023, Sheridan Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On May 3, 2020, Tamarisk Company consigned 80 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Tamarisk Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $670 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $300 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded…
On May 3, 2025, Oriole Company consigned 100 freezers, costing $510 each, to Blue Spruce Company. The cost of shipping the freezers amounted to $920 and was paid by Oriole Company. On December 30, 2025, a report was received from the consignee, indicating that 50 freezers had been sold for $740 each. Remittance was made by the consignee for the amount due after deducting a commission of 7%, advertising of $180, and total installation costs of $310 on the freezers sold. (a) Compute the inventory value of the units unsold in the hands of the consignee at the end of 2025. (Do not round intermediate calculations. Round answers to O decimal places, e.g. 5,275.) Inventory value $ eTextbook and Media Save for Later Attempts: unlimited Submit Answer
On May 3, 2020, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $750 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $320 on the freezers sold. Instructions a. Compute the inventory value of the units unsold in the hands of the consignee. b. Compute the profit for the consignor for the units sold. c. Compute the amount of cash that will be remitted by the consignee.
On May 31, 2023, Sandhill Company consigned 90 freezers, costing $700 each, to Blossom Company. The cost of shipping the freezers amounted to $600 and was paid by Sandhill. On December 30, 2023, a report was received from the consignee, indicating that 45 freezers had been sold for $590 each. Remittance was made by the consignee for the amount due after deducting a commission of 4%. advertising of $290, and total installation costs of $270 on the freezers sold. (a) Calculate the inventory value of the units unsold in the hands of the consignee. Inventory value of units unsold eTextbook and Media N $
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