The choices are 50K, 60K, 67K and 97K On January 1, 20x1, DEF Co. paidP5,000 for the freight insurance ofconsigned goods shipped to aconsignee, and P7,000 for thefreight. In addition, DEF Co.advanced P5,000 as part of thecommission that will be due whenthe consignee sells the goods. Theconsigned goods costs DEFP50,000 and will be sold for a totalamount of P80,000. What is thetotal amount of inventory shouldDEF report for the consignedgoods?50,00062,00067,00097,000

Cost of goods Add: Insurance Add: Freight

Answered: total amount of inventory should DEF…

Business

Accounting

total amount of inventory should DEF report for the consigned goods?

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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