Sales on Consignment. Hanna Lighting recently transferred $60,000 of electrical supplies to Goshen Supermarkets on consignment. The retail price of the supplies is $81,000. Hanna offers its consignees...

Sales on Consignment. Hanna Lighting recently transferred $60,000 of electrical supplies to Goshen Supermarkets on consignment. The retail price of the supplies is $81,000. Hanna offers its consignees a 25% fee on the retail price of the inventory sold. Hanna shipped the supplies to Goshen on April 1 and Goshen sold the inventory on June 30. Prepare the journal entries required for Hanna Lighting to record the consignment transaction.