1. The balance in James Company's inventory account on December 31, 2014 was P1,225,000 before the following information was considered: Goods shipped FOB destination, on December 20, 2014 from a vendor to were lost in transit. The invoice cost of P45,000 was not recorded by James. On December 28, 2014, James notified the vendor of the lost shipment. Goods were in transit from a vendor to James on December 31, 2014. The invoice cost was P60,000 and the goods were shipped FOB shipping point on December 28, 2014. James received the goods on January 1, 2015. What amount of inventory should be reported in the December 31, 2014 statement of financial position? А. 1, 225, 000 B. 1, 330, 000 С. 1, 285, 000 D. 1, 270, 000

1. The balance in James Company's inventory account on December 31, 2014 was P1,225,000 before the following information was considered: Goods shipped FOB destination, on December 20, 2014 from a vendor to were lost in transit. The invoice cost of P45,000 was not recorded by James. On December 28, 2014, James notified the vendor of the lost shipment. Goods were in transit from a vendor to James on December 31, 2014. The invoice cost was P60,000 and the goods were shipped FOB shipping point on December 28, 2014. James received the goods on January 1, 2015. What amount of inventory should be reported in the December 31, 2014 statement of financial position? А. 1, 225, 000 B. 1, 330, 000 С. 1, 285, 000 D. 1, 270, 000

Name: 1. The balance in James Company's inventoryaccount on December 31, 20
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Description: 1. The balance in James Company's inventoryaccount on December 31, 2014 was P1,225,000before the following information wasconsidered:Goods shipped FOB destination, onDecember 20, 2014 from a vendor to were lostin transit. The invoice cost of P45,000

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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