On May 3, 2017, Buffalo Company consigned 100 freezers, costing $ 510 each, to Remmers...
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Accounting
On May 3, 2017, Buffalo Company consigned 100 freezers, costing $ 510 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Buffalo Company. On December 30, 2017, a report was received from the consignee, indicating that 50 freezers had been sold for $ 740 each. Remittance was made by the consignee for the amount due after deducting a commission of 7%, advertising of $ 180, and total installation costs of $ 310 on the freezers sold. (Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee.
Inventory value
$ enter the inventory value in dollars
(b) Compute the profit for the consignor for the units sold.
Profit on consignment sales
$ enter the profit on consignment sales in dollars
(c) Compute the amount of cash that will be remitted by the consignee.
Remittance from consignee
$ enter the amount of cash that will be remitted by the consignee rounded to 0 decimal places
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