remittance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Solve for the cash remittance
Transcribed Image Text:DEF Company consigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November
1, 2021. DEF paid P15,000 for the freight. For the month of November, the consignee sold 700 units. On December DEF
ordered safety device on players which have not been sold. The cost of this alteration was: parts from inventories, P6,000
with a freight of P5,000. On December 20, DEF Company sent a mechanic to UUU to install safety devices on players. The
cost of for labor, P5,000 which was paid by the consignee. DEF Company, thereafter, increased the unit retail price to
P1,750 for the unsold players. On December 31, UUU remitted P1,021,750 to DEF Company in full settlement to date
after deducting a commission of 15% of selling price on each player sold and P14,500 for delivering the players sold.
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