Business High School

oriental Rug Company ships six handmade rugs valued at $5,000 each on consignment to Consign Design. oriental Rug Company pays $1,000 of shipping costs and agrees to accept the return of any rugs within six months of the shipping date. oriental Rug Company also agrees to pay Consign Design a commission of 10 percent for any rug sold. At the end of five months, Consign Design has sold four of the rugs for a total price of $38,000.

The total inventory and revenue value reported by Consign Design at the end of the five months is: _________

Answers

Answer 1
Answer is :

0, 3,800

Explanation:

In a Consignor/consigned relationship, the consignor maintains the inventory on the books. The consigned does not record the full revenue amount, but rather a commission based on the agreement with the consignor. In this case, even though two rugs have not sold, the two rugs that remain unsold are reported on the books of Oriental Rug Company (the consignor). The revenue recorded on Consign Design's books from the sale of the four rugs is based on the agreed upon commission of 10 percent; therefore, $3,800 is the revenue recorded. The $34,200 (90 percent of the total sales) is the payable to Oriental Rug Company and will be recorded as revenue on its books.
Answer 2

The total inventory and revenue value reported by Consign Design at the end of the five months is: 0, 3,800

What is Consignor or consigned relationship?In a Consignor/consigned relationship, the consignor maintains the inventory on the books. The consigned does not record the full revenue amount, but rather a commission based on the agreement with the consignor. In this case, even though two rugs have not sold, the two rugs that remain unsold are reported on the books of Oriental Rug Company (the consignor). The revenue recorded on Consign Design's books from the sale of the four rugs is based on the agreed-upon commission of 10 percent; therefore, $3,800 is the revenue recorded. The $34,200 (90 percent of the total sales) is payable to Oriental Rug Company and will be recorded as revenue on its books.

To learn more about consigned relationship, refer to:

https://brainly.com/question/13544160

#SPJ2

Related Questions

Imagine that you are the mayor of your town. In an upcoming election, you would like the citizens to vote yes for a gambling establishment to locate in your town. Prepare a short speech encouraging the people of the town to vote yes on your proposal. (8-10 sentences)​

Answers

Answer:

Although Gambling is a bit of a controversial topic, there are many upsides to the activity. The biggest problem many see with gambling is the chance of becoming addicted. Addiction is a state of mind. If you feel that you would easy become addicted, don't partake. Gambling doesn't have to be an addictive activity. Just like any activity, it is designed for fun and gain. Of course, there will be instances where you will lose, however; it is apart of the sport. As long as you are careful, you will be okay. To encourage more activities in this town, please, vote yes.

Explanation:

QuickMovers limits the size of the packages it delivers to 75 pounds. This is
an example of what type of requirement?
O A. Internal
O B. Voluntary
O C. Government
O D. External

Answers

Ok sorry if I’m wrong but it would c


(If I’m right) mark as brainliest

Answer:

internal

Explanation:

i took the test

What is the price at which equilibrium is achieved? $8 $9 $10 $30.

Answers

The equilibrium of the demand and supply can be achieved at a price of $9.

What is the equilibrium position?

The equilibrium is the position in the market where the demand curve and the supply curve intersects with each other at a particular point of price. At the point of equilibrium the quantity supplied and the quantity demanded are the same.

As per the graph, the demand curve shows the quantity demanded in the market at various prices in dollars while the supply curve shows the prices at which each quantity is supplied in the market.

Therefore, after examining the graph the point of intersection is at the point having the Dollar price of 9.

Learn more about equilibrium, refer to the link:https://brainly.com/question/12315301

The main method for disposing of municipal wastes in the United States is ___________ while _____ is the main method in Japan.

Answers

Answer:

hi

Explanation:

hi

Match the treatment of unrealized gains and losses on debt investments existing at the time of transfer between investment categories with the correct transfer scenario.

a. AFS or HTM to Trading AFS or HTM to Trading drop zone empty.
b. Trading to AFS or HTM Trading to AFS or HTM drop zone empty.
c. HTM to AFS HTM to AFS drop zone empty.
d. AFS to HTM AFS to HTM drop zone empty.
d. None are recognized because they already have been recognized in income.

Answers

Option D

Because the answer is AFS to HTM- Amortize to net income over remaining life.

Warmup- if you was an agent what 2 sports
you would manage and why?

Answers

Football and baseball because those are my favorite sports
Other Questions
How many atoms are in 25.0 grams of carbon? The airline business is a very capital intensive business, what do you think it consists of ?please sort in order the top three are based or further researched information and describe. what does hov stand for PLEASEEEEE HELPPPP ASAPPP Was this poster created by the Triple Entente or the Triple Alliance during World War1? How do you know? EXPLAIN your answer using details from the poster. (Colors,text, subject)Please Ill literally make you brainlist please help me with complete sentences please HELP PLEASE!!!Drag each graph to show if the system of linear equations it represents will have no solutions, one solution, or infinitely many solutions. How does a cell phone change theincoming signals from a caller into sound thatyou can hear What problems did many Pharaoh's face because of King Akhenaten? Pick two. PLS HELPPPPP (It should be easy points for u) 50 POINTS A restaurant sells burritos for $8.00 each. The cost of the meat is $1.50 and the cost of the other ingredients is $1.00 for each burrito. Money made from selling burritos is positive. The cost of making burritos is negative. Profit is the money left after paying the costs.How much profit would the restaurant make by selling 100 burritos?What is the cost of making one burrito? (Remember that costs are negative.) Explain how you found your answer.Write your answer in the space below. A____ is a coil of wire with a current running through it. If you wrap the coil around a ferromagnetic material, it become a _____. solve the ratio with solution nonsense=report1.23:672.67:89 Help me please (need 2-3 sentences) Sammie pays $30 for a bag that she buys at a discount of 50%. What is the price of the bag without the discount? A. $30B. $45C. $60D. $80 2.3+0.02(x+20)-4.8=-9Solve for x Volcanoes will most likely form along a convergent plate boundary that is....A. Continental vs ContinentalB. Continental vs OceanicC. None of the above. Pls help me on this 3. A car travelling at 12 m/s into a stationary truck of about 10 times the cars mass. a. If the collision was completely inelastic, what velocity would the two travel at if the stuck together? b. If the collision was completely elastic, what would be the velocities of the car and truck after the collision? c. In order to exert a force of only 3500N on the truck during the collision, how much time would the collision have to take? Question Find the difference of (t8)(t+15) How long does it take a S-wave to travel 8,000 km?