Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 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 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.12E: Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless...
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