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How much should be reported as inventories

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Reference no: EM132811825

Question - ABC Corporation gathered the following information relating to its inventories: (A) Inventories per physical count - 3,100,000; (B) Inventories consigned to ABC included in the count - 100,000; (C) Inventories consigned out by ABC, at retail price at 40% gross profit rate - 60,000; (D) Inventories purchased, still in transit, FOB Shipping point, exclusive of P30,000 freight cost - 300,000; (E) Inventories included in the physical count but customized and segregated for a customer - 50,000. How much should be reported as inventories?

Reference no: EM132811825

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