Question

When consigned goods are sold, the consignee remits what amount to the consignor?

Answer 1

The consignee remits the sales proceeds from the sold consigned goods to the consignor, after deducting any agreed-upon fees and expenses.

Step-by-step explanation:

When consigned goods are sold, the consignee remits the sales proceeds to the consignor, minus any agreed-upon fees and expenses. Generally, consignment arrangements involve a consignment agreement that outlines the terms, including the percentage or fees the consignee will deduct for their services. The remaining balance, after all deductions, is what the consignee owes to the consignor. This money is the value transferred from the consignee to the consignor for the inventory sold on the consignor's behalf.