1 INVENTORIES(Inclusions and Exclusions)1. On December 31, 2021, Valentina noted the following inventories:• Merchandise of P600,000 is held on consignment by Valentina.• Merchandise of P700,000 was shipped out by Valentina on consignment on anotherstore.• Goods costing P400,000 was shipped by Valentina “Ex-ship" to a customer onDecember 31, 2021. The customer received the goods on January 3, 2022.• Merchandise costing P500,000 was shipped by Valentina “Free alongside" to a customeron December 29, 2021. The customer received the goods on January 6, 2022.• Goods costing P800,000 shipped by a vendor FOB destination on December 31, 2021was received by Valentina on January 7, 2022.• Goods costing P700,000 was shipped by a supplier "CIF" on December 30, 2021 andreceived by Valentina on January 10, 2022.How much from the above will be included in Valentina's inventory?a. 1,400,000b. 1,800,000700,000d. 1,300,000c.

Inventory is a current asset for the company that is reported under the head current asset in the…

(Inclusions and Exclusions) 1. On December 31, 2021, Valentina noted the following inventories: • Merchandisc of P600,000 is hcld on consignment by Valentina. • Merchandise of P700,000 was shipped out by Valentina on consignment on another store.

(Inclusions and Exclusions) 1. On December 31, 2021, Valentina noted the following inventories: • Merchandisc of P600,000 is hcld on consignment by Valentina. • Merchandise of P700,000 was shipped out by Valentina on consignment on another store.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Theta Inc. counted and reported the ending inventory on December 31, 2019 at P 2,000,000. None of the following items were included when the total amount of the ending inventory was computed: Goods located in Theta's warehouse that are on consignment from another entity... .P 150,000 Goods sold by Theta and shipped on December 30, 2019 under terms FOB destination point and were in transit as of December 31, 2019 and received by the customer on January 2, 2020... 200,000 Goods purchased by Theta and shipped on December 30, 2019 under FOB shipping point and were in transit on December 31, 2019 and was received by Theta on January 2, 2020... 300,000 Goods sold by Theta and shipped on December 30, under terms FOB shipping point and were in transit on December 31, 2020 and received by the customer on January 2, 2020... 400,000 What is the correct amount of inventory on December 31, 2019? A. P 2,500,000 В. Р 2,350,000 С. Р 2,900,000 D. P 2,750,000
1. Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following:• Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022.• Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4 , 2022. The invoice cost was P25,000.• Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost.What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position?A. 685,375B. 691,400C. 676,400D. 670,375
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4.Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following:• Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022.• Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4 , 2022. The invoice cost was P25,000.• Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost.What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position? a. 685,375 b.691,400 c. 676,400 d.670,375
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Coronado Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. An invoice for $12,960, terms f.o.b. destination, was received and entered January 2, 2020. The receiving report shows that the materials were received December 28, 2019. 2. Materials costing $44,800, shipped f.o.b. destination, were not entered by December 31, 2019, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.” 3. Materials costing $11,680 were returned to the supplier on December 29, 2019, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until January 6, 2020. 4. An invoice for…