Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following: • Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022. • Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4 , 2022. The invoice cost was P25,000. • Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost. What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position?
Fig Company’s inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following:
• Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022.
• Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4 , 2022. The invoice cost was P25,000.
• Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost.
What amount should Fig Company report as inventory in its December 31, 2021
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