Stainless Works Mfg. Co. consigned 5 dozens of stainless chairs to Urban Furniture Co. on April 1, 20x1. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 20x1, 36 were already sold and the consignee rendered an account sales, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses P360 Delivery and installation 180 How much is Stainless Works Mfg. Co.'s profit on the consignment? 660 900 1,000 1,260

Stainless Works Mfg. Co. consigned 5 dozens of stainless chairs to Urban Furniture Co. on April 1, 20x1. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 20x1, 36 were already sold and the consignee rendered an account sales, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses P360 Delivery and installation 180 How much is Stainless Works Mfg. Co.'s profit on the consignment? 660 900 1,000 1,260

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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