The Consignment Out account of Fila Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. Boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 30 pcs. Underwear 7,500 Freight and handling costs: Boys' clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Fila. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute for the consignment profit.

The Consignment Out account of Fila Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. Boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 30 pcs. Underwear 7,500 Freight and handling costs: Boys' clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Fila. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute for the consignment profit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Maryland Novelties Company produces and sells souvenir products. Monthly income statements for two activity levels are provided below: Unit volumes Revenue Less cost of goods sold Gross margin Less operating expenses Salaries and commissions Advertising expenses Administrative expenses Total operating expenses Net income Required 22,000 units $ 165,000 66,000 $ 99,000 22,000 33,000 13,750 68,750 $ 30,250 Required A Required B Required C 33,000 units $ 247,500 99,000 $ 148,500 a. Identify each of the following expenses as fixed, variable, or mixed. b. Use the high-low method to separate the mixed costs into variable and fixed components. c. Prepare a contribution margin income statement at the 22,000-unit level. 27,500 33,000 13,750 74,250 $ 74,250 Complete this question by entering your answers in the tabs below.
Olly Company is a merchandising business that sells dog food. Based on the following information, what is the gross margin for Olly Company? Sales Revenue Cash $500,000 100,000 Accounts Receivable 50,000 Inventory 25,000 Cost of goods sold 300,000 Operating expenses 40,000 O $135,000 $160,000 $200,000 $285,000
Boston Home Center (BHC) offers customers the use of a truck at $64 per trip to take purchased merchandise home. BHC reports the following information about the trucks it has for customer usage: Cost Driver Rate Cost Driver Volume Resources used Operation $ 0.55 per mile 46,200 miles Administration 25.00 per trip 1,874 trips Resources supplied Operation $ 35,400 Administration $ 62,400 Sales revenue totaled $80,000. Required: Prepare a traditional income statement. Prepare an activity-based income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional income statement. Traditional Income Statement Sales revenue Operation costs Administration costs Operating profit Activity-Based Income Statement Resources Used Unused Resource Capacity…
This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT Credit
Vishnu
Assume Bella Donna's General Store bought, on credit, a truckload of merchandisc from American Wholesaling costing $3,960. The company paid $170 in transportation cost to National Trucking to deliver the morchandise to Bella Donna. Bella Donna immediately returned goods to Amorican Wholesaling costing $690, and then took advantage of American Wholesaling's 1/10, n/30 purchase discount. At the end of the period the inventory account will have a balance of $
Required: Record the following transactions of Evelyn's Designs in a general journal: DATE TRANSACTIONS 20x1 April 1 Purchased merchandise on credit from American Fabricators, Invoice 885, $2,000, terms 1/10, n/30; freight of $100 prepaid by American Fabricators and added to the invoice (total invoice amount, $2,100). Paid amount due to American Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. Purchased merchandise on credit from Kalyagin Company, Invoice 145, $1,600, terms 1/10, n/30; freight of $50 prepaid by Kalyagin and added to the invoice. Returned damaged merchandise purchased on April 15 from Kalyagin Company; received Credit Memorandum 332 for $200. Paid the amount due to Kalyagin Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. 15 17 24
Resgan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at Decenber 31 (based on a physical count of goods in Reagan's warchouse on December 31) $1,400,e0e Accounts payable at December 31: Vendor Baker Corpany Charlie Corpany Dolly Corpany Еagler Companу Full Company Amount $ 295,000 248, 000 Terms 28, 10 days, пet 38 Net 30 Net 30 330,eee Net 30 255, 0ee Net 30 Greg Company Net 30 Accounts payable, December 31 $1,120,000 Sales for the year $9,750,eee Additional Information: 1. Parts held by Reagan on consignment from Charlie, amounting to $230,000, were included in the physical count of goods in Reagan's warehouse and in accounts payable at December 31. 2 Parts totaling $37,000, which were purchased from Full and paid for in December, were sold in the last week of the year and appropriately recorded as sales of $43,000. The parts were included in the physical count of goods in Reagan's worehouse on…
Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit