Reference no: EM132938883
Question - The inventory on hand at December 31, 2018 for London Company is valued at a cost of P947,000. All sales and consigned goods include a mark up of 30% on cost. The following items were not included:
a. Goods purchased in transit, FOB destination. Invoice price P32,000 which included a freight charge of P1,000.
b. Goods held on consignment at cost of 30,000.
c. Gold sold in transit, FOB destination . Invoiced for P106,000 including freight of P2,000.
d. Purchased goods in transit, FOB shipping point. Invoice price P75,000. Freight costs, P2,000.
e. Goods out on consignment at sales price, P36,400.
Required - How much is the increase in inventory?
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