The consignee's book with the assumption that the profit from the consignment is not recorded separately in the consignee's book? the consignor's book with the assumption that the profit from the consignment is not recorded separately in the consignor's book?
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
In December, Brown Company shipped 20 books on consignment to booksellers. The consignor maintains a cost accounting system and PERPETUAL inventory records; The cost of producing each book is $30. At the end of December, the sales agent reported the sale of 6 books at a price of @ 49.75, per piece and remitted the proceeds after deducting the 20% commission and $15 freight charges, which the consignee paid when the books were received. What
- The consignee's book with the assumption that the profit from the consignment is not recorded separately in the consignee's book?
- the consignor's book with the assumption that the profit from the consignment is not recorded separately in the consignor's book?
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