Reference no: EM132794732
The balance in Vloom Company's inventory account on December 31, 2019 was P1,225,000 before the following information was considered:
(a) Goods shipped FOB destination, on December 20, 2019 from a vendor to Vloom were lost in transit. The invoice cost of P45,000 was not recorded by Vloom. On December 28, 2019, Vloom notified the vendor of the lost shipment.
(b) Goods were in transit from a vendor to Vloom on December 31, 2019. The invoice cost was P60,000, and the goods were shipped FOB shipping point on December 28, 2019.
Problem 1: Vloom received the goods on January 4, 2020. What amount of inventory should be reported in the December 31, 2019 Statement of Financial Position?
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How much is the value of inventory loss
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Find how much did paul received from james as full payment
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What amount of inventory should be reported in the december
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What amount of loss on purchase commitment be included
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What amount of inventory should be reported in the december
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What is the total current liabilities at december
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How much is the net income or net losss
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