On June 1, 2013, Vision Corporation consigned 150 TVs, costing $1,000 each, to F

Question

On June 1, 2013, Vision Corporation consigned 150 TVs, costing $1,000 each, to Future Electronics. The cost of shipping the TVs amounted to $3,000 and was paid by Vision Corporation. On December 31, 2013, Future Electronics emailed a report to Vision, indicating that 120 of the TVs had been sold for $1,800 each. Future also included remittance for the amount due, after deducting a commission of 5%, advertising of $500, and installation costs of $2,400. What amount should Vision Corporation include on its December 31, 2013 balance sheet for the consigned TVs?

Explanation / Answer

$30,600

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