2 The Elegance Manufacturing Company, in its statement of financial position as of December 31, 2019, has an inventory of P1,760,000 which consists of: Direct materials Direct materials purchases in transit, FOB destination Direct materials purchases in transit, FOB shipping point Prepaid insurance on inventory Work in process Finished goods Goods shipped on consignment, at selling price with 20% profit on sales P550,000 120,000 90,000 20,000 380,000 450,000 150,000 What is the cost of inventory to be shown in the statement of financial position of Elegance as of December 31, 2019?
2 The Elegance Manufacturing Company, in its statement of financial position as of December 31, 2019, has an inventory of P1,760,000 which consists of: Direct materials Direct materials purchases in transit, FOB destination Direct materials purchases in transit, FOB shipping point Prepaid insurance on inventory Work in process Finished goods Goods shipped on consignment, at selling price with 20% profit on sales P550,000 120,000 90,000 20,000 380,000 450,000 150,000 What is the cost of inventory to be shown in the statement of financial position of Elegance as of December 31, 2019?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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