On December 31, 2024, Punch Company reported inventory per physica count at P1,500,000. The entity revealed the following information: • Goods in transit by Dec. 31, 2024 purchased FOB shipping point, tota price P100,000 including freight of P20,000. Goods held on consignment included in the count, costing P30,000. Goods in transit by December 31, 2024 sold FOB destination, costing P45,000 including freight of P5,0000. Goods purchased in transit by December 31, 2024, "Ex-ship", costing P50,000. Goods purchased in transit by December 31, 2024, "Cost, Insurance, Freight", costing P75,000. What is the correct amount of inventory on December 31, 2024?

On December 31, 2024, Punch Company reported inventory per physica count at P1,500,000. The entity revealed the following information: • Goods in transit by Dec. 31, 2024 purchased FOB shipping point, tota price P100,000 including freight of P20,000. Goods held on consignment included in the count, costing P30,000. Goods in transit by December 31, 2024 sold FOB destination, costing P45,000 including freight of P5,0000. Goods purchased in transit by December 31, 2024, "Ex-ship", costing P50,000. Goods purchased in transit by December 31, 2024, "Cost, Insurance, Freight", costing P75,000. What is the correct amount of inventory on December 31, 2024?

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Description: What is the correct amount of inventory on December 31, 2024? On December 31, 2024, Punch Company reported inventory per physicalcount at P1,500,000. The entity revealed the following information:Goods in transit by Dec. 31, 2024 purchased FOB shippi

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.5P: Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31,...

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