The physical count conducted in the warehouse of yoga

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Reference no: EM131573202

The physical count conducted in the warehouse of Yoga Inc. on December 31, 2014, revealed inventory with a total cost of P8,320,000. However, further investigation revealed that the following items were not included in the count: Goods that are sold to Pilates were held by Yoga at his convenience with a cost of P98,000. A packing case containing products worth P37,000 were in the shipping room when the physical count was taken. This item was excluded from the count since it was marked “hold for shipping instructions.” The investigation uncovered that the customer’s order was dated December 27, 2014, but the case was shipped and the customer was billed on December 31, 2014. A special machine costing P98,600, fabricated to order for a customer, was finished and specifically placed at the back part of the shipping room on December 31, 2014. The customer was billed on that date and the machine was excluded from inventory although it was shipped on January 7, 2015. What is Yoga Inc.’s correct amount of inventory as of December 31, 2014? Assume FOB Shipping Point.

Reference no: EM131573202

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