Consignment sales illustration

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Exercise 1The following are the transactions between Luzon Mfg. Co and its consignee, Aton Traders of Aklan, forthe month of December, 20161. Luzon Mfg. Co consigns 30 units of machinery costing P5,000 each to Aton Traders for a 20%commission based on receivable collected. The periodic inventory method is being used.2. Aton Traders pays for freightage of P1,5003. The consignee sends a check to Luzon Mfg. Co as cash advance of P80,000 equal to 40% of theselling price of the first 25 units to be sold.4. Cartage cost of P120 is paid by the consignee5. Twenty-eight units of the machinery … Purchase document to see full attachment

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