Reference no: EM132783362
In your audit of the December 31, 201A, financial statements of Mallow, Inc., you found the following inventory- related transactions:
a. Goods costing P100,000 are on consignment with a customer. These goods were not included in the physical count on December 31, 201A.
b. Goods costing P33,000 were delivered to Mallow, Inc. on January 4, 201B. The invoice for these goods was received and recorded on January 10, 201B. The invoice showed the shipment was made on December 29, 201A, FOB shipping point.
c. Goods costing P43,280 were shipped FOB shipping point on December 31, 201A, and were received by the customer on January 3, 201B. Although the sale was recorded in 201A, these goods were included in the 201A ending inventory.
d. Goods costing P17,500 were shipped to a customer, FOB Destination. These goods were delivered to the customer on January 5, 201B, and were not included in the inventory. The sale was properly taken up in 201B.
e. Goods costing P20,000 shipped by a vendor under FOB Destination term, were received on January 2, 201B, and were not included in the physical inventory. Because the related invoice was received on December 31, 201A, this shipment was recorded as a purchase in 201A.
f. Goods valued at P102,000 were received from a vendor under consignment term. These goods were included in the physical count.
g. Mallow, Inc. recorded as a 201A sale a P128,600 shipment of goods to a customer on December 31, 201A, FOB Destination. This shipment of goods costing P75,000 was received by the customer on January 5, 201B, and was not included in the ending inventory figure. Prior to any adjustments, Mallow, Inc.'s ending inventory is valued at P890,000 and the reported net income for the year is P3,296,000.
Required:
Problem 1. Mallow's December 31, 201A, inventory should be increased by
Problem 2. What is Mallow's adjusted net income for the year 201A?
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