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What amount should be reported as inventory on august

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Reference no: EM132996088

NCT Company's inventory on August 31, 2021 was P850,000, valued at cost, based on a physical count, before any needed adjustments for the following:

  1. Merchandise costing P100,000 shipped to a customer FOB destination point on August 29, 2021 arrived at the customer's place on September 2, 2021.
  2. Merchandise costing P150,000 was shipped out on a consignment basis. As of August 31, 2021, 20% of the goods are unsold.Additionally, merchandise costing P200,000 kept in the shipping room marked "hold for shipping instructions" was not included in the physical count.

Problem 1: What amount should be reported as inventory on August 31, 2021?

Reference no: EM132996088

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