Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. Goods shipped FOB destination on December 28, 2019 from a vendor to Hall were received on January 4, 2020. The invoice cost was P50,000. What amount should Hall report as inventory on its December 31, 2019 balance sheet? Choices: P1,480,000 P1,470,000 P1,550,000 P1,500,000
Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. Goods shipped FOB destination on December 28, 2019 from a vendor to Hall were received on January 4, 2020. The invoice cost was P50,000. What amount should Hall report as inventory on its December 31, 2019 balance sheet? Choices: P1,480,000 P1,470,000 P1,550,000 P1,500,000
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...
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Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. Goods shipped FOB destination on December 28, 2019 from a vendor to Hall were received on January 4, 2020. The invoice cost was P50,000. What amount should Hall report as inventory on its December 31, 2019
Choices:
P1,480,000
P1,470,000
P1,550,000
P1,500,000
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