ABC Company reported that inventory on December 31, 20x1 is ₱375,000 based on a physical count priced at its cost and before any adjustments for the following: Merchandise amounting ₱60,000 shipped FOB shipping point from a vendor on December 30, 20x1 was received on January 6, 20x2. Merchandise amounting ₱22,000 shipped FOB destination from a vendor on December 28, 20x1 was received on January 6, 20x2. Merchandise amounting ₱35,000 shipped to a customer FOB destination on December 28, 20x1 arrived at the customer location on January 4, 20x2. Merchandise amounting ₱12,000 was being held on consignment by AVC Company, a consignee of ABC Company. Merchandise sent to sales agency of the company for ₱4,000 has been included as part of the inventory figure per physical count on December 31, 20x1. What amount should be reported as inventory on December 31, 20x1?
ABC Company reported that inventory on December 31, 20x1 is ₱375,000 based on a physical count priced
at its cost and before any adjustments for the following:
Merchandise amounting ₱60,000 shipped FOB shipping point from a vendor on December 30, 20x1
was received on January 6, 20x2.
Merchandise amounting ₱22,000 shipped FOB destination from a vendor on December 28, 20x1 was
received on January 6, 20x2.
Merchandise amounting ₱35,000 shipped to a customer FOB destination on December 28, 20x1
arrived at the customer location on January 4, 20x2.
Merchandise amounting ₱12,000 was being held on consignment by
ABC Company.
Merchandise sent to sales agency of the company for ₱4,000 has been included as part of the inventory
figure per physical count on December 31, 20x1.
What amount should be reported as inventory on December 31, 20x1?
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