Seize Company used perpetual inventory system to record inventory transactions for 2021. P1,900,000 6,500,000 150,000 4,600,000 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing Inventory Sales Sales returns Cost of goods sold Inventory losses P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory write down is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? A. P5,020,000 B. P 4,500,000 C. P4,720,000 D. P 4,920,000
Seize Company used perpetual inventory system to record inventory transactions for 2021. P1,900,000 6,500,000 150,000 4,600,000 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing Inventory Sales Sales returns Cost of goods sold Inventory losses P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory write down is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? A. P5,020,000 B. P 4,500,000 C. P4,720,000 D. P 4,920,000
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 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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