11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items: *Goods purchased in transit, FOB shipping point, P130,000 *Goods held on consignment, P56,000 *Goods out on approval, at sales price of P32,500 (cost is P25,000) What is the correct amount of inventory at December 31, 2021?
11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items: *Goods purchased in transit, FOB shipping point, P130,000 *Goods held on consignment, P56,000 *Goods out on approval, at sales price of P32,500 (cost is P25,000) What is the correct amount of inventory at December 31, 2021?
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 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...
Related questions
Question
11.The inventory account of Papaya Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:
*Goods purchased in transit, FOB shipping point, P130,000
*Goods held on consignment, P56,000
*Goods out on approval, at sales price of P32,500 (cost is P25,000)
What is the correct amount of inventory at December 31, 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,