On May 3, 2020, Blue Company consigned 70 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezersamounted to $920 and was paid by Blue Company. On December 30, 2020, a report was received from the consignee, indicatingthat 35 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting acommission of 6%, advertising of $200, and total installation costs of $310 on the freezers sold.(Round answers to O decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee.tAInventory value $(b) Compute the profit for the consignor for the units sold.Profit on consignment sales(c) Compute the amount of cash that will be remitted by the consignee.Remittance from consignee $+A

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Description: On May 3, 2020, Blue Company consigned 70 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezersamounted to $920 and was paid by Blue Company. On December 30, 2020, a report was received from the consignee, indicatingthat

Consignment sales involve a supplier (consignor) sending goods to a retailer (consignee) who sells…

Business

Accounting

(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $

(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6MC

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