Solution-What mount should be reported as inventory at

What mount should be reported as inventory at yearend

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Q1. Scotch Company took a physical inventory at the end of the year and determined that 240,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold $100,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What mount should be reported as inventory at yearend?

Q2. On July 2, 2019, Wynn Inc., purchased as a short term investment a Php1,000,000 face value Kean Co. 8% bond for Php910,000 plus accrued interest to yield 10%. The bonds mature on January 1, 2010, pay interest annually on January 1, and are classified as held for trading securities. On December 31, 2019, the bonds had fair value of Php945,000. On February 13, 2020, Wynn sold the bonds for Php920,000. In its December 31, 2019 balance sheet, what amount should Wynn report as interest income in 2019?

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What mount should be reported as inventory at yearend

Reference no: EM132938395

Reference no: EM132938395

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