The physical inventory on December 31, 2019 of Tintin Co. showed merchandise at P172,000. You discovered that the following Item were excluded from, this amount: Merchandise costing P31,500 shipped by a vendor FOB shipping point on December 31, 2019 and received by Tintin on January 5, 2020. Merchandise costing P40,000 shipped by a vendor FOB destination on December 30, 2019 and received by Tintin on January 4, 2020. Merchandise costing P12,500 which was shipped FOB destination to a customer on December 29, 2019. The customer expected to receive the merchandise on January 6, 2020. Merchandise costing P28,500 which was shipped FOB shipping point to a customer on December 29, 2019. The goods are scheduled to arrive at the destination point on January 2, 2020. REQUIRED: What is the correct amount of inventory that should appear on Tintin's December 31, 2019 Statement of financial position? WITH EXPLANATION PLS!
The physical inventory on December 31, 2019 of Tintin Co. showed merchandise at P172,000. You discovered that the following Item were excluded from, this amount: Merchandise costing P31,500 shipped by a vendor FOB shipping point on December 31, 2019 and received by Tintin on January 5, 2020. Merchandise costing P40,000 shipped by a vendor FOB destination on December 30, 2019 and received by Tintin on January 4, 2020. Merchandise costing P12,500 which was shipped FOB destination to a customer on December 29, 2019. The customer expected to receive the merchandise on January 6, 2020. Merchandise costing P28,500 which was shipped FOB shipping point to a customer on December 29, 2019. The goods are scheduled to arrive at the destination point on January 2, 2020. REQUIRED: What is the correct amount of inventory that should appear on Tintin's December 31, 2019 Statement of financial position? WITH EXPLANATION PLS!
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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The physical inventory on December 31, 2019 of Tintin Co. showed merchandise at P172,000. You discovered that the following Item were excluded from, this amount:
Merchandise costing
P31,500 shipped by a vendor FOB shipping point on December 31, 2019 and received by Tintin on January 5, 2020.
Merchandise costing P40,000 shipped by a vendor FOB destination on December 30, 2019 and received by Tintin on January 4, 2020.
Merchandise costing P12,500 which was shipped FOB destination to a customer on December 29, 2019. The customer expected to receive the merchandise on January 6, 2020.
Merchandise costing P28,500 which was shipped FOB shipping point to a customer on December 29, 2019. The goods are scheduled to arrive at the destination point on January 2, 2020.
REQUIRED:
What is the correct amount of inventory that should appear on Tintin's December 31, 2019 Statement of financial position ?
WITH EXPLANATION PLS!
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