Reference no: EM132996765
Question - You are conducting audit of Nakati Company. The physical inventory count you conducted on December 31, 2010 showed merchandise with a cost of P 2,000,000 was on hand at that date. You also discovered the following items were all excluded from the count:
a. Merchandise costing P80,000, which was held by Nakati on consignment. The consignor is a subsidiary.
b. A special machine, fabricated to order for a customer costing P 200,000 was finished and specifically segregated in the back part of the shipping room on December 31, 2010. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2011.
c. Merchandise costing P 40,000 which was shipped by Nakati FOB destination to a customer on December 31, 2010. The customer expects to receive the merchandise on January 3, 2011.
d. Merchandise costing P 60,000 which was shipped by Nakati FOB shipping point to a customer on December 29, 2010.
e. Merchandise costing P 25,000 shipped by a vendor FOB shipping point on December 28, 2010 and receive by Nakati on January 10, 2011.
Required - What is the correct balance of Nakati?
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