Solution-Compute cost of inventory at current year-end

Compute cost of inventory at current year-end

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Reference no: EM133070654

Question - Luminous Company provided the following information at current year-end:

Finished goods in storeroom, at cost including overhead of P400,000 2,000,000

Finished goods in transit, including freight charge of P20,000, FOB shipping point 250,000

Finished goods held by salesmen, at selling price, cost P100,000 140,000

Goods in process, at cost of materials and direct labor 720,000

Materials 1,000,000

Materials in transit, FOB destination 50,000

Defective materials returned to suppliers for replacement 100,000

Shipping supplies 20,000

Gasoline and oil for testing finished goods 110,000

Machine lubricants 60,000

Required - Compute cost of inventory at current year-end?

Reference no: EM133070654

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Compute cost of inventory at current year-end

Reference no: EM133070654

Reference no: EM133070654

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