Compute the consignment income to be reported by the consignor DEF Company consigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November1, 2021. DEF paid P15,000 for the freight. For the month of November, the consignee sold 700 units. On December DEFordered safety device on players which have not been sold. The cost of this alteration was: parts from inventories, P6,000with a freight of P5,000. On December 20, DEF Company sent a mechanic to UUU to install safety devices on players. Thecost of for labor, P5,000 which was paid by the consignee. DEF Company, thereafter, increased the unit retail price toP1,750 for the unsold players. On December 31, UUU remitted P1,021,750 to DEF Company in full settlement to dateafter deducting a commission of 15% of selling price on each player sold and P14,500 for delivering the players sold.Compute the consignment income to be reported by the consignor

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Description: Compute the consignment income to be reported by the consignor DEF Company consigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November1, 2021. DEF paid P15,000 for the freight. For the month of November, t

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Compute the consignment income to be reported by the consignor

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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DEF Company consigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November 1, 2021. DEF paid P15,000 for the freight. For the month of November, the consignee sold 700 units. On December DEF ordered safety device on players which have not been sold. The cost of this alteration was: parts from inventories, P6,000 with a freight of P5,000. On December 20, DEF Company sent a mechanic to UU0 to install safety devices on players. The cost of for labor, P5,000 which was paid by the consignee. DEF Company, thereafter, increased the unit retail price to P1,750 for the unsold players. On December 31, UUU remitted P1,021,750 to DEF Company in full settlement to date after deducting a commission of 15% of selling price on each player sold and P14,500 for delivering the players sold. Compute the consignment income to be reported by the consignor
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