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PROBLEM 1: AAA Company provided you with the following data with respect to its inventory: Items counted at the warehouse P 8,000,000  Items excluded from the count segregated per  sales contract 200,000  Items in the receiving department, returned by  customer and in good condition 100,000  Items ordered and in the receiving department,  invoice not received 800,000  Items ordered, invoice received, but goods not  received; shipping term was FAS (free  alongside) 600,000  Items shipped today, invoice mailed, CIF (cost,  insurance, freight) 500,000  Items shipped today, invoice mailed, ex-ship 300,000  Items currently being used for window display 400,000  Items on counter for sale 1,600,000  Items in the receiving department, refused by  Ljubljana Company because of damage 360,000  Items included in the count, damaged and  unsalable 100,000  Items in the shipping department awaiting  shipment 500,000  What is the correct amount of inventory to be presented in AAA’s statement of financial position?

PROBLEM 1: AAA Company provided you with the following data with respect to its inventory: Items counted at the warehouse P 8,000,000  Items excluded from the count segregated per  sales contract 200,000  Items in the receiving department, returned by  customer and in good condition 100,000  Items ordered and in the receiving department,  invoice not received 800,000  Items ordered, invoice received, but goods not  received; shipping term was FAS (free  alongside) 600,000  Items shipped today, invoice mailed, CIF (cost,  insurance, freight) 500,000  Items shipped today, invoice mailed, ex-ship 300,000  Items currently being used for window display 400,000  Items on counter for sale 1,600,000  Items in the receiving department, refused by  Ljubljana Company because of damage 360,000  Items included in the count, damaged and  unsalable 100,000  Items in the shipping department awaiting  shipment 500,000  What is the correct amount of inventory to be presented in AAA’s statement of financial position?

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PROBLEM 1: AAA Company provided you with the following data with respect to its inventory: Items counted at the warehouse P 8,000,000 

Items excluded from the count segregated per 

sales contract 200,000 

Items in the receiving department, returned by 

customer and in good condition 100,000 

Items ordered and in the receiving department, 

invoice not received 800,000 

Items ordered, invoice received, but goods not 

received; shipping term was FAS (free 

alongside) 600,000 

Items shipped today, invoice mailed, CIF (cost, 

insurance, freight) 500,000 

Items shipped today, invoice mailed, ex-ship 300,000 

Items currently being used for window display 400,000 

Items on counter for sale 1,600,000 

Items in the receiving department, refused by 

Ljubljana Company because of damage 360,000 

Items included in the count, damaged and 

unsalable 100,000 

Items in the shipping department awaiting 

shipment 500,000 

  1. What is the correct amount of inventory to be presented in AAA’s statement of financial position? 
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