1. As a result of a thorough physical inventory. A Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: B Consignment store currently has goods worth P35,000 on its sales floor that belong to A but are being sold on consignment by B. The selling price of these goods is P50,000. A purchasedP13,000 of goods that were shipped on December 27, FOB destination, that will be received by B on January 3. How much is the correct amount of inventory to be reported in A Company's statement of financial position? * O O 193,000 O 228,000 O 230,000 O 215,000
1. As a result of a thorough physical inventory. A Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: B Consignment store currently has goods worth P35,000 on its sales floor that belong to A but are being sold on consignment by B. The selling price of these goods is P50,000. A purchasedP13,000 of goods that were shipped on December 27, FOB destination, that will be received by B on January 3. How much is the correct amount of inventory to be reported in A Company's statement of financial position? * O O 193,000 O 228,000 O 230,000 O 215,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. As a result of a thorough physical inventory, A Company determined that it had inventory
worth P180,000 at December 31, 2020. This count did not take into consideration the following
facts: B Consignment store currently has goods worth P35,000 on its sales floor that belong to
A but are being sold on consignment by B. The selling price of these goods is P50,000. A
purchasedP13,000 of goods that were shipped on December 27, FOB destination, that will
be received by B on January 3. How much is the correct amount of inventory to be reported in
A Company's statement of financial position? *
O 193,000
O 228,000
O 230,000
O 215,000
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