Determine the amount of inventory to be reported in the Statement of Financial Position a. P 240,000b. P 630,000c. P 870,000d. P 930,000 6. ABC Co. buys and sells A & B. The following unit costs are available forthe inventory as of December 31, 2021Product AProduct BNo. of units2,0003,000Purchase cost per unitP 100P 200Freight-in2030Estimated selling price150250Freight-outGeneral and Admin expense22401518

Inventory is very important current asset for the business. As per accounting standard valuation of…

Answered: Determine the amount of inventory to be…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PB: Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20,...

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Determine the amount of inventory to be reported in the Statement of Financial Position

a. P 240,000

b. P 630,000

c. P 870,000

d. P 930,000

6. ABC Co. buys and sells A & B. The following unit costs are available for
the inventory as of December 31, 2021
Product A
Product B
No. of units
2,000
3,000
Purchase cost per unit
P 100
P 200
Freight-in
20
30
Estimated selling price
150
250
Freight-out
General and Admin expense
22
40
15
18

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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