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Consignment
The following consignment transactions were recorded by Rizal Corporation during January, 2011.
Inventory received on consignment P45,000,
Freight paid by consignor P4,500,
Inventory shipped out for consignment P57,000,
Freight paid by consignor P5,200.
No sales of consigned goods were made during this month.
Problem 1: What amount of consigned inventory should be included in Rizal's January 31, 2011 balance sheet? Present solutions in good accounting form.
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