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Question - Glenn Corporation sells electronic gadgets. In your audit of the company's financial statements for the years ended December 31, 2021, you have gathered the following data concerning inventory. At December 31, 2020, the balance of the inventory account was P451,800, and the allowance for inventory write-down had a balance of P28,800. The relevant inventory cost and market data at December 31, 2021, are summarized below:
Cost
Sales Price
NRV
Normal Profit
Gadget A
P80,100
P82,350
P78,300
P5,760
Gadget B
84,600
83,700
76,500
6,696
Gadget C
112,500
116,100
99,900
10,449
Gadget D
174,600
184,500
177,300
18,450
Total
P451,800
P466,650
P432,000
P41,355
The company estimated the cost to sell at 10% of the selling price of each of the gadgets.
Required -
1. Compute the correct amount of inventory to be reported at December 31, 2021.
2. Prepare the necessary adjusting entry, if any, to reflect the correct amount of inventory at December 31, 2021.
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