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What amount of inventory should be reported

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Question - The balance in Page Company's inventory account on December 31, 2020 was P1,225,000 before the following information was considered: -Goods shipped FOB destination, on December 20,2020 from a vendor to Page were lost in transit. The invoice cost of P45,000 was not recorded by Page. On December 28, 2020, Page notified the vendor of the lost shipment. - Goods were in transit from a vendor to Page on December 31, 2020. The invoice cost was P60,000 and the goods were shipped FOB shipping point on December 28, 2020. Page received the goods on January 4, 2021. What amount of inventory should be reported in the December 31, 2020 Financial Position?

Reference no: EM132804351

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