What amount should blythe company report as the value

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Reference no: EM132815033

Blythe Company has the following data in relation to its merchandise inventory as of December 31, 2019:

Inventory on hand (including inventory on consignment of P20,000) - P200,000

Inventory purchased with the right of return - P100,000

Merchandise purchased in transit, FOB shipping point - P160,000

Merchandise sold in transit, FOB destination - P247,000

Merchandise not in warehouse, held by the consignee - P183,000.

Problem 1: What amount should Blythe Company report as the value of its inventory in its 2019 statement of financial position?

A. P749,000

B. P760,000

C. P770,000

D. P876,000

E. answer not given

Reference no: EM132815033

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