The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29,2021. What amount should be reported as estimated cost of inventory shortage? 1,200,000 Mixxiw Company reported accounts payable on Decemat P900,000 before any necessary year-end adjustments relating to the following:ġ) Goods were in transit from a vendor to Mixxiw on December 31, 2021. What amount should be debited to purchases on February 15, 2022? 3,000,000 Kenji Company reported the following information for the current year: On February 15, 2022, the price of gold is P300 per ounce. What amount should be reported as cost of goods available for sale? 28,000,000 31, 2021, the market price of gold is P270 per ounce. At year-end, unsold goods out on consignment with selling price of P1,000,000 are inthe hands of a consignee. Purchases returns and allowances - 3,500,000Ī physical inventory taken at year-end resulted in an ending inventory of P4,000,000. What amount should be reported as inventory on December 31, 2021? 2,500,000 Kenji Company reported the following information for the current year: Goods sold by the entity and shipped FOB shipping point were in transit on Decemand received by the customer on Janu400,000 Goods purchased by the entity and shipped FOB seller were in transit on Decemand received by the entity on Janu300,000 Goods sold by the entity and shipped FOB destination were in transit on Decemand received by the customer on Janu200,000 Goods located in the entity's warehouse that are on consignment from another entity - 150,000 None of the following items were included when the total amount ofinventory was computed: Using the relative sales price method, what amount of cost should be allocated to Class A lots? 6,000,000 Singto Company incurred the following costs:Īt what amount should the inventories be measured? 760,000 Newwie Company counted and reported the ending inventory on Decemat P2,000,000. LOT CLASS*****NUMBER OF LOTS*****SALES PRICE PER LOT The tract of land was subdivided into residential lots. The entity incurred additional cost of P3,000,000 during the remainder of the year in preparing the land forsale. What amount should be reported as accounts payable on December 31, 2021? 555,000 Sarawat Company purchased a tract of land for P12,000,000. The checks were mailed on January 5, 2022.ģ) Goods shipped FOB shipping point on Decemwere received and recorded by Lyle on January 2, 2022. Accounts payable amounted to P360,000 before any necessary year-endadjustment related to the following:ġ) On December 31, 2021, Phupha has a 50,000 debit balance in accounts payable to Nammon, a supplier, resulting from a P50,000 advanced payment for goods to bemanufactured.Ģ) Checks in the amount of P100,000 were written to vendors and recorded on December 20, 2021. What amount should be reported as inventory at year-end? 1,800,000 Phupha Company is preparing financial statements for the year ended December 31, 2021. Net realizable value less a normal profit margin - 1,700,000 Kevin Company determined the following for an inventory at year-end:
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