Show the complete solution. On August 31, 2020, JPM Co. consigned to Cute Co. ten ladies' handbags which cost JPM P200 each. JPM paid freight charges of P100 on the shipment. On September 30, 2020, Cute Co. submitted an account sales reporting that it sold for cash seven handbags for which it remitted P2,110 representing the net proceeds after deductions as follows: Commission 20% of sales price Advertising placed upon receipt of shipment P80 Total Delivery fee of units sold P501. Questions: 1. What is the gross profit of the consignor? 2. The Consignor realized a net income on the consignment amounting to? 3. The consignee sold the 7 handbags for a total of? 4. The consignee realized income from the sale of consigned handbags amounted to? 5.The inventory of unsold handbags at September 30, 2020 was valued at?
Show the complete solution.
On August 31, 2020, JPM Co. consigned to Cute Co. ten ladies' handbags which cost JPM P200 each. JPM paid freight charges of P100 on the shipment.
On September 30, 2020, Cute Co. submitted an account sales reporting that it sold for cash seven handbags for which it remitted P2,110 representing the net proceeds after deductions as follows:
Commission 20% of sales price
Advertising placed upon receipt of shipment P80
Total Delivery fee of units sold P501.
Questions:
1. What is the gross profit of the consignor?
2. The Consignor realized a net income on the consignment amounting to?
3. The consignee sold the 7 handbags for a total of?
4. The consignee realized income from the sale of consigned handbags amounted to?
5.The inventory of unsold handbags at September 30, 2020 was valued at?
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