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Win Company consigned 10 refrigerators to Baek Sales Company. Each refrigerator has manufacturing cost of P12,000. The freight on the shipment amounting to P5,000 was paid by Win. Baek Sales Company returned 2 units to Win in good condition. Baek Sales Company paid P200 for the shipment of the returned units. Baek Sales Company reported that all 8 units were sold at a price that yields 33 1/3% profit based on original manufacturing cost. Baek Sales Company remitted the amount due to Win Company after deducting 20% commission and freight of the returned units. The net profit to be recognized by Win Company on the consignment amounted to?

Win Company consigned 10 refrigerators to Baek Sales Company. Each refrigerator has manufacturing cost of P12,000. The freight on the shipment amounting to P5,000 was paid by Win. Baek Sales Company returned 2 units to Win in good condition. Baek Sales Company paid P200 for the shipment of the returned units. Baek Sales Company reported that all 8 units were sold at a price that yields 33 1/3% profit based on original manufacturing cost. Baek Sales Company remitted the amount due to Win Company after deducting 20% commission and freight of the returned units. The net profit to be recognized by Win Company on the consignment amounted to?

FINANCIAL ACCOUNTING
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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Win Company consigned 10 refrigerators to Baek Sales Company. Each refrigerator has manufacturing cost of P12,000. The freight on the shipment amounting to P5,000 was paid by Win. Baek Sales Company returned 2 units to Win in good condition. Baek Sales Company paid P200 for the shipment of the returned units. Baek Sales Company reported that all 8 units were sold at a price that yields 33 1/3% profit based on original manufacturing cost. Baek Sales Company remitted the amount due to Win Company after deducting 20% commission and freight of the returned units.

The net profit to be recognized by Win Company on the consignment amounted to?

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