What is the correct inventory on December

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Problem - The audit of Malta Company revealed a physical inventory on December 31, 2020 with a cost of P4,400,000. The following items were excluded from the count: A special machine, fabricated to order for a customer costing P400,000, was finished and specifically segregated on December 31, 2020. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2021. Merchandise costing P50,000 shipped by a vendor FOB seller on December 28, 2020 and received by on January 10, 2021. What is the correct inventory on December 31, 2020?

Reference no: EM133033260

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