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

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Ok sorry if I’m wrong but it would c


(If I’m right) mark as brainliest

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Answers

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hi

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Answers

Answer:

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Explanation:

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Answers

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

What is the equilibrium position?

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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

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