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What is the correct amount of inventory on december

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Question - The Apollo Company conducted a physical count on December 31, 2021 which revealed in inventory with a cost of P4,410,000.

The following items were excluded from the physical count:

Merchandise held by Apollo on consignment, P610,000. Merchandise shipped by Apollo, FOB Destination to a customer on December 31, 2021 and was received by the customer on January 8, 2022, P380,000.

Merchandise shipped by Apollo, FOB Shipping Point to a customer on December 31, 2021 and was received by the customer on January 8, 2022, P460,000.

Merchandise shipped by a vendor, FOB Destination on December 31, 2021 was received by Apollo on January 8, 2022. P830.000.

Merchandise purchased FOB Shipping Point was shipped by the supplier on December 31, 2021 and received by Apollo on January 8, 2022, P510,000.

Required - What is the correct amount of inventory on December 31, 2021?

Reference no: EM133185384

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