Reference no: EM133071655
Questions -
Q1. Hall Company's inventory at December 31, 2021 was P1,500,000 based on a physical count of goods prices a cost, an before any necessary year-end adjustment relating to the following:
Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2022
Goods shipped FOB destination on December 28, 2021 from a vendor to Hall were received on January 4, 2022. The invoice cost was P50,000.
What amount should Hall report as inventory on its December 31, 2021, balance sheet?
a. 1,550,000
b. 1,480,000
c. 1,470,000
d. 1,500,000
Q2. Tomlinson Company had the following consignment transactions during 2021:
Inventory shipped on consignment to Pavel Company, consignee 600,000
Freight paid by Tomlinson 50,000
Inventory received on consignment from Harbor Company, consignor 800,000
Freight paid by Harbor 50,000
No sales of consigned goods were made through December 31, 2021. In its December 31, 2021, balance sheet, Tomlinson should include consigned inventory of
a. 850,000
b. 1,500,000
c. 650,000
d. 600,000
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