1 INVENTORIES(Inclusions and Exclusions)1. On December 31, 2021, Valentina noted the following inventories:• Merchandise of P600,000 is held on consignment by Valentina.• Merchandise of P700,000 was shipped out by Valentina on consignment on anotherstore.• Goods costing P400,000 was shipped by Valentina “Ex-ship" to a customer onDecember 31, 2021. The customer received the goods on January 3, 2022.• Merchandise costing P500,000 was shipped by Valentina “Free alongside" to a customeron December 29, 2021. The customer received the goods on January 6, 2022.• Goods costing P800,000 shipped by a vendor FOB destination on December 31, 2021was received by Valentina on January 7, 2022.• Goods costing P700,000 was shipped by a supplier "CIF" on December 30, 2021 andreceived by Valentina on January 10, 2022.How much from the above will be included in Valentina's inventory?a. 1,400,000b. 1,800,000700,000d. 1,300,000c.

Inventory is a current asset for the company that is reported under the head current asset in the…

(Inclusions and Exclusions) 1. On December 31, 2021, Valentina noted the following inventories: • Merchandisc of P600,000 is hcld on consignment by Valentina. • Merchandise of P700,000 was shipped out by Valentina on consignment on another store.

(Inclusions and Exclusions) 1. On December 31, 2021, Valentina noted the following inventories: • Merchandisc of P600,000 is hcld on consignment by Valentina. • Merchandise of P700,000 was shipped out by Valentina on consignment on another store.

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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PLEASE PROVIDE WELL EXPLAINED , COMPUTED AND FORMULATED ANSWER WITH STEPS AND WORKING Star Inc. ships merchandise on consignment to The Party Place, a retailer on February 13, 2020. The cost of the merchandise is $26,000, and Star Inc. pays the freight cost of $1,900 to ship the goods to the retailer. On November 30, 2020 (The Party Place accounting year end), The Party Place notifies Star Inc. that 65% of the merchandise has been sold for $72,000. The Party Place retains a 10% commission as well as $3,900, which represents advertising costs it paid, and remits the balance owing to Star Inc. Please make sure your final answer(s) are accurate to 2 decimal places. a) Complete the journal entries required by Star Inc. for the above transactions. Enter an appropriate description b) Complete the journal entries required by The Party Place for the above transactions on their accounting year end. Enter an appropriate description when entering the transactions in the journal. Dates must be…