Reference no: EM133125203
Questions -
Q1. Lychee Company uses the retail method of inventory valuation. The following information is available:
Beginning inventory: P186,196 at cost; P302,250 at retail
Purchases: P703,740 at cost; P1,120,000 at retail
Freight in: P12,400
Purchase discounts: P14,400
Purchase returns: P25,050 at cost; P48,300 at retail
Net additional markups - P100,000
Net markdowns - P205,000
Sales revenue - P900,000
What is the estimated cost of the ending inventory using the average retail?
258,265
250,866
368,950
250,886
Q2. Sugary Company has the policy of valuing inventory at the lower of cost and net realizable value using the allowance method. Allowance to Reduce Inventory to NRV account at December 31, 2021 before adjustment is P86,000. Data pertaining to its two classes of sugar products at December 31, 2021 follow:
Regular refined (500 bags):
NRV/bag-1,500
Cost/bag-1,650
Muscovado (250 bags):
NRV/bag-1,900
Cost/bag-1,750
How much inventory should be shown in Sugary Company's December 31 statement of financial position?
Q3. The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:
Goods purchased in transit, FOB shipping point, P130,000
Goods held on consignment, P56,000
Goods out on approval, at sales price of P32,500 (cost is P25,000)
What is the correct amount of inventory at December 31, 2021?
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