Engle marine builds 30-foot fiberglass fishing boats which, Ask an Expert

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Engle Marine builds 30-foot fiberglass fishing boats, which itmarkets through a network of 3^rd party dealers on aconsignment basis. The consignment agreement stipulates that Engleretains title to the boats until final sale to the customer.Dealers can return unsold boats to Engle by paying shippingexpenses and a financing fee for the time held. Each boat'scost to dealers is fixed @ $28,000. Engle's gross profitmargin per boat is 30%.

Engle shipped 41 boats to dealers during the 6 months ending Oct31. Shipments were:

Monthly Boat Shipments to Dealers

May: 3

June: 6

July:8

Aug:9

Sep:8

Oct:7

Dealers had 3 boats on hand for the quarter ended July 31 and 2boats on hand at Oct 31.

1. Indicate how Engle wouldreport the unsold boats and for how much at Jul 31 and Oct 31

2. Prepare a schedule showingEngle's revenue, COGS, & gross profit for thequarter ending Jul 31 & Oct 31.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796736

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