An Art Gallery Displays Paintings for Artists and Receives a Commission

question 71

Short Answer

An art gallery displays paintings for artists and receives a commission from the artist when a painting is sold. What is the commission rate if a gallery received $171.70 when a painting was sold for $1,010.00? __________ %

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Definitions:

In-progress Inventory

Items that are currently being manufactured or are in the process of being transformed from raw materials to finished goods.

Finished Goods Inventory

An end item ready to be sold, but still an asset on the company’s books.

Raw Materials

Basic materials that are processed or refined to create a final product in manufacturing.

Monthly Sales

The total revenue or number of units sold by a business during a calendar month.