Solution-What amount should be reported as inventory on

What amount should be reported as inventory on december

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Reference no: EM132613408

An entity reported inventory on December 31, 2020 at P6,000,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following:

Excluded from the physical count were goods billed to a customer FOB shipping point on December 30, 2020. These goods had a cost of P125,000 and were picked up by the carrier on January 15, 2021.
Goods shipped FOB shipping point on December 31, 2020 which are being held for the customer to call at the customer's convenience with a cost of P200,000 were included in the count.
Goods with invoice cost of P300,000 shipped FOB shipping point on December 31, 2020 from a vendor were received on January 15, 2021

Problem 1: What amount should be reported as inventory on December 31, 2020?

a. 6,225,000

b. 6,100,000

c. 6,425,000

d. 6,300,000

Reference no: EM132613408

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What amount should be reported as inventory on december

Reference no: EM132613408

Reference no: EM132613408

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