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E18-9B (Consignment Computations)On August 15, 2014, Japan Ideas consigned 500 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,250 and was paid by Japan Ideas. On December 31, 2014, a

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E18-9B (Consignment Computations)On August 15, 2014, Japan Ideas consigned 500 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,250 and was paid by Japan Ideas. On December 31, 2014, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $160 each. Remittance was made by the consignee for the amount due, after deducting a commission of 20% commission.;Instructions;Compute the following at December 31, 2014;(a) The inventory value of the units unsold in the hands of the consignee.;(b) The profit for the consignor for the units sold.;(c) The amount of cash that will be remitted by the consignee.

 

Paper#75366 | Written in 18-Jul-2015

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