a. Purchased goods in transit, shipping FOB Destination. Invoice price - P64,000, which includes freight charges of P1,600. b. Goods held on consignment by Radcon at a sales price of P56,000, including 30% sales commission based on the sales price c. Goods sold to Taro Company, under terms FOB destination, invoiced for P48,800 which includes P2,000 freight charges to deliver the goods. The goods are in transit d. Purchased goods in transit, terms FOB shipping point. Invoice price - P96,000. Freight costs, P6,000. e. Goods out on consignment to Can Company, sales price, P72,800. Shipping cost of P4,000.
a. Purchased goods in transit, shipping FOB Destination. Invoice price - P64,000, which includes freight charges of P1,600. b. Goods held on consignment by Radcon at a sales price of P56,000, including 30% sales commission based on the sales price c. Goods sold to Taro Company, under terms FOB destination, invoiced for P48,800 which includes P2,000 freight charges to deliver the goods. The goods are in transit d. Purchased goods in transit, terms FOB shipping point. Invoice price - P96,000. Freight costs, P6,000. e. Goods out on consignment to Can Company, sales price, P72,800. Shipping cost of P4,000.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...
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The inventory on hand at December 31, 2020 for Radcon Company is valued at a cost of P1,895,600. The following items were not included in this inventory amount:
The correct ending inventory on December 31, 2020 is
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