Reference no: EM132752252
Questions -
Q1. On June 30, 2020, Oust the Turtle Corporation entered into a purchase commitment with Doll O' Might Company to provide the corporation 1,000 metric tons of white sand on May 31, 2022 for P600 per matric ton. On December 31, 2020, the price per metric ton of white sand dipped to P590.
On December 31, 2021, the white sand retails at P605 per matric ton. How much is the gain recorded in 2021?
Q2. Oust the Turtle Company records inventory using the perpetual inventory system and follows the allowance method in accounting for inventory decline. Its ending inventory's costs and net realizable values on the following dates are:
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DATE
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COST
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NRV
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December 31, 2020
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380,000
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370,000
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December 31, 2021
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400,000
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385,000
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December 31, 2022
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200,000
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192,000
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How much is the loss from inventory decline in 2022?
Q3. Oust the Turtle Corporation provided the following data as of December 31, 2020:
Items counted in the bodega 4,000,000
Items included in the account specifically segregated per sale contract 100,000
Items in receiving department, returned by customer, in good condition 50,000
Items ordered and in the receiving department, invoice not received 400,000
Items ordered, invoice received but goods not received. Burden of freight 300,000
Is on the buyer.
Items shipped today, invoice mailed, FOB shipping point 250,000
Items shipped today, invoice mailed, FOB destination 150,000
Items currently held on consignment and In bodega 200,000
Items out on consignment 800,000
Items in receiving department, refused by us because of damage 180,000
Items included in count, damaged. Net realizable value is P45,000. 50,000
Items sold and in the shipping department. Term is FOB Shipping Point. 250,000
How much is the amount of inventory?
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