Answered

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Lego Corp. consigns toys debiting Accounts Receivable for the retail sales price of toys consigned and crediting Sales. All costs relating to the consigned toys are debited to expenses. The net remittances of the consigned are credited to Accounts Receivable. In August, 1,200 toys costing P60 each and selling price of P100 each were consigned to SM Store. Freight costs of P800 were debited to freight expenses by the consignor. On August 31, SM Store remitted P42,606 to Lego Corp. in full settlement of the balance due. Accounts Receivable was credited for this amount. SM Store deducted its commission of 10 per toy sold and P54 for transportation expenses. How much is the total toys sold by SM Store?

A) 474
B) 426
C) 400
D) 480

Sagot :

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