The Consignment Out account of Jackie 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 Jackie. underwear It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable had been incurred by the consignee.
The Consignment Out account of Jackie 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 Jackie. underwear It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable had been incurred by the consignee.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 3EB: Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...
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Question
Compute for the cost of the inventory in the hands of the consignee.
![The Consignment Out account of Jackie 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 Jackie.
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F087d5308-dcab-498a-8e9a-19b4802ddc11%2F3e146e67-f48e-413d-9a26-85304a63a18a%2F8u061u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Consignment Out account of Jackie 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 Jackie.
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.
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