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What amount should be reported as inventory on December

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Question - Jeselle Company reported inventory on December 31, 2016 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:

Included in the physical count were goods billed to a customer FOB shipping point on December 30, 2016. These goods had a cost of P125,000 and were picked up by the carrier on January 15, 2017.

Goods shipped FOB shipping point on December 31, 2016 from a vendor were received on January 15, 2017. The invoice cost was P300,000.

Goods sold to a customer on December 31, 2016 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

Required - What amount should be reported as inventory on December 31, 2016?

a. 5,875,000

b. 6,100,000

c. 6,175,000

d. 6,300,000

Reference no: EM133074095

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