Wing Co. consigned eight printing machines to Wind Co. Each machine costs P1,000,000 and has a suggested retail price of P2,100,000. Wing paid P200,000 in transporting the machines to the consignee's place of business. At the end of the period, Wind remitted P8,417,500 to Wing representing collections on sales during the period, after deducting the following: Commission (based on sales net of commission) Finder's fee (based on commission) Delivery, installation and testing (on each unit sold) P50,000 20% 5% Materials generated from the testing were sold for P5,000 and included in the remittance to Wing Co. Wing Co. appropriately reported ending inventory of P3,075,000 for the unsold consigned machines. How many units are sold?

Wing Co. consigned eight printing machines to Wind Co. Each machine costs P1,000,000 and has a suggested retail price of P2,100,000. Wing paid P200,000 in transporting the machines to the consignee's place of business. At the end of the period, Wind remitted P8,417,500 to Wing representing collections on sales during the period, after deducting the following: Commission (based on sales net of commission) Finder's fee (based on commission) Delivery, installation and testing (on each unit sold) P50,000 20% 5% Materials generated from the testing were sold for P5,000 and included in the remittance to Wing Co. Wing Co. appropriately reported ending inventory of P3,075,000 for the unsold consigned machines. How many units are sold?

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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