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Author Question: A commission merchant specializing in food products sold a consignment of products for a farm. The ... (Read 169 times)

clmills979

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on: Jun 24, 2018
A commission merchant specializing in food products sold a consignment of products for a farm. The sales price was 18,450 with a commission rate of 12 for farm products. For this consignment, there was 890 freight that the merchant had to pay. What were the net proceeds due to the farm?

Question 2

Wilson Steel Company had ending inventory of 254,300 this year, ending inventory of 156,00 . last year, and 186,00 . as cost of goods sold. Compute the inventory turnover rate.


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jgranad15

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Reply #1 on: Jun 24, 2018
Answer to Question 1

18,450  0.12 = 2,214; 2,214 + 890 = 3,104; 18,450 - 3,104 = 15,346

Answer to Question 2

0.91


clmills979

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Reply 2 on: Jun 24, 2018
YES! Correct, THANKS for helping me on my review

isabelt_18

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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