Reference no: EM133183848
Question - You are engaged to examine the 2018 financial statements of JOY Company. Prior to any adjustments, inventory is valued at P7,600,000. The following information has been found relating to certain inventory transactions:
a. Goods valued at P1,000,000 are on consignment with a customer. These goods are not included in the year-end inventory figure.
b. Goods costing P250,000 were received from a supplier on Jan. 5, 2019. The related invoice was received and recorded on Jan. 12, 2019. The goods were shipped on Dec. 31, 2018, terms FOB shipping point.
c. Goods costing P850,000 were shipped on Dec. 31, 2018, and were delivered to the customer on Jan. 2, 2019. The terms of the invoice were FOB shipping point. The goods were included in ending inventory for 2018 even though the sale was recorded in 2018.
d. A P350,000 shipment of goods to customer on Dec. 31, 2018, terms FOB destination, was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on Jan. 8, 2019. The sale was properly recorded in 2019.
e. An invoice for goods costing P350,000 was received and recorded as a purchase on Dec. 31, 2018. The related goods, shipped FOB destination, were received on Jan. 2, 2019, and thus were not included in the physical inventory.
f. Goods valued at P650,000 are on consignment from a vendor. These goods are not included in the year-end inventory figure.
g. A P1,050,000 shipment of goods to a customer on Dec. 30, 2018, terms FOB destination, was recorded as a sale in 2018. The goods, costing P840,000 and delivered to the customer on Jan. 6, 2019, were not included in 2018 ending inventory.
Required - What is the correct inventory on Dec. 31, 2018?
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