In December, the Millennial Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of...

Extracted text: In December, the Millennial Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000. At the end of December, the dealer reports the sale of seven (7) sets at P5,000 each and remits the sales proceeds less 15% commissions and P1,500 for freight paid by the dealer on the receipt of the sets. Delivery and installation expense was P1,200. REQUIRED: 4. Amount remitted by the consignee 5. Net income recognized by consignor