an entity was P502,000. The balance of the allowance for inventoryAt the end of the reporting period, the balance of inventory account ofE 2-8 - Reversal of write-down to NRVwrite-down was P33,000. The inventory cost and other data are asfollows: (amounts in thousands)SalesNormalReplacementCostP 8692PriceP 9193NRVP 8785ProfitP 5ItemCostР 89A7В94C12513512911110194P502114P427205P518197P48020Р32TotalRequired:Compute for the following:1. Amount to be reported as Inventories in the statement of financialposition.2. Amount of reversal of write-down to NRV.

Name: an entity was P502,000. The balance of the allowance for inventoryAt
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Description: an entity was P502,000. The balance of the allowance for inventoryAt the end of the reporting period, the balance of inventory account ofE 2-8 - Reversal of write-down to NRVwrite-down was P33,000. The inventory cost and other data are asfollows: (a

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At the end of the reporting period, the balance of inventory account of an entity was P502,000. The balance of the allowance for inventory E 2-8 - Reversal of write-down to NRV write-down was P33,000. The inventory cost and other data are as follows: (amounts in thousands) Normal Replacement Cost P 86 92 Sales Price P 91 93 NRV P 87 85 Profit P 5 Item Cost P 89 A 7 В 94 125 135 129 111 10 194 P502 114 P427 205 P518 197 P480 20 Р32 Total Required: Compute for the following: 1. Amount to be reported as Inventories in the statement of financial position. 2. Amount of reversal of write-down to NRV.

At the end of the reporting period, the balance of inventory account of an entity was P502,000. The balance of the allowance for inventory E 2-8 - Reversal of write-down to NRV write-down was P33,000. The inventory cost and other data are as follows: (amounts in thousands) Normal Replacement Cost P 86 92 Sales Price P 91 93 NRV P 87 85 Profit P 5 Item Cost P 89 A 7 В 94 125 135 129 111 10 194 P502 114 P427 205 P518 197 P480 20 Р32 Total Required: Compute for the following: 1. Amount to be reported as Inventories in the statement of financial position. 2. Amount of reversal of write-down to NRV.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13EA: If a group of inventory items costing $15,000 had been omitted from the year-end inventory count,...

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