Natal Company provided the following information:ProProblem 10-2 (IAA)1,400,000200,000650,00060,000150,0002,000,000Sumbegof 9yeaMaterialeAdvance for materials orderedGoods in processUnexpired insurance on inventoriesAdvertising catalogs and ehipping cartonaFinished gooda in factoryFinished goods in company-owned retail store,including 50% profit on costPinished goods in hands of consignees including40% profit on salesFinished goods in tranait to customers, shipped FOBdeatination at costFinished gooda out on approval, at costUnsalable fininhed gooda, at costOffice suppliesMaterials in transit shipped FOB nhipping point,excluding freight of P30,000Goods held on consignment, at sales price, cost P150,0001.2.750,0003.4.400,000250,000100,00050,00040,000330,000200,000Required:Compute the correct amount of inventory. Problem 11-5 (IAA)ProTragie Company provided the following data for purchasesand sales:SlarelaPurchasesUnit costSalesRevenueJa.AgUnitsCostUnits250,000540,0001,125,0004,0007,00012,000280,000630,0001,200,000502018201920205,0009,00015,00075Required:Compute the gross income for 2020 assuming a FIFO costformula.

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Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materiale Advance for materials ordered Gooda in process Unexpired insurance on inventories Advertising catalogs and ehipping cartona Finished goods in factory Finiahed goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on salen Finished goods in tranait to customers, shipped FOB deatination at cost Finished gooda out on approval, at cost Unsalable fininhed goods, at cost Office supplies Materials in transit shipped POB shipping point, exeluding freight of P30,000 Goode held on consignment, at sales price, cost P150,000 200,000 750,000 400,000 250,000 100,000 60,000 40,000 330,000 Required: Compute the correct amount of inventory.

Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materiale Advance for materials ordered Gooda in process Unexpired insurance on inventories Advertising catalogs and ehipping cartona Finished goods in factory Finiahed goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on salen Finished goods in tranait to customers, shipped FOB deatination at cost Finished gooda out on approval, at cost Unsalable fininhed goods, at cost Office supplies Materials in transit shipped POB shipping point, exeluding freight of P30,000 Goode held on consignment, at sales price, cost P150,000 200,000 750,000 400,000 250,000 100,000 60,000 40,000 330,000 Required: Compute the correct amount of inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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