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2. The following items were reported as inventories by Sugar Company as of December 31, 2022: P 100,000 Goods displayed in the store Goods stocked in the warehouse, not covered by any sales contract Goods purchased, in transit, shipped FOB seller Goods sold, in transit, shipped FOB buyer Goods held on consignment 50,000 250,000 80,000 20,000 Goods sent out to customers awaiting approval Goods in the hands of traveling salesmen Storage cost of goods completed Goods manufactured to customer's specification Freight paid on goods sold Unused office supplies Goods sold with a buyback agreement 40,000 30,000 60,000 150,000 10,000 5,000 55,000 How much is the total correct amount of inventories as of December 31, 2022? a. 605,000 b. 755,000 c. 550,000 d. 715,000

2. The following items were reported as inventories by Sugar Company as of December 31, 2022: P 100,000 Goods displayed in the store Goods stocked in the warehouse, not covered by any sales contract Goods purchased, in transit, shipped FOB seller Goods sold, in transit, shipped FOB buyer Goods held on consignment 50,000 250,000 80,000 20,000 Goods sent out to customers awaiting approval Goods in the hands of traveling salesmen Storage cost of goods completed Goods manufactured to customer's specification Freight paid on goods sold Unused office supplies Goods sold with a buyback agreement 40,000 30,000 60,000 150,000 10,000 5,000 55,000 How much is the total correct amount of inventories as of December 31, 2022? a. 605,000 b. 755,000 c. 550,000 d. 715,000

FINANCIAL ACCOUNTING
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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2. The following items were reported as inventories by Sugar Company as of December 31, 2022: P 100,000 Goods displayed in the store Goods stocked in the warehouse, not covered by any sales contract Goods purchased, in transit, shipped FOB seller Goods sold, in transit, shipped FOB buyer Goods held on consignment Goods sent out to customers awaiting approval Goods in the hands of traveling salesmen Storage cost of goods completed Goods manufactured to customer's specification Freight paid on goods sold Unused office supplies Goods sold with a buyback agreement 50,000 250,000 80,000 20,000 40,000 30,000 60,000 150,000 10,000 5,000 55,000 How much is the total correct amount of inventories as of December 31, 2022? a. 605,000 b. 755,000 с. 550,000 d. 715,000
Transcribed Image Text:2. The following items were reported as inventories by Sugar Company as of December 31, 2022: P 100,000 Goods displayed in the store Goods stocked in the warehouse, not covered by any sales contract Goods purchased, in transit, shipped FOB seller Goods sold, in transit, shipped FOB buyer Goods held on consignment Goods sent out to customers awaiting approval Goods in the hands of traveling salesmen Storage cost of goods completed Goods manufactured to customer's specification Freight paid on goods sold Unused office supplies Goods sold with a buyback agreement 50,000 250,000 80,000 20,000 40,000 30,000 60,000 150,000 10,000 5,000 55,000 How much is the total correct amount of inventories as of December 31, 2022? a. 605,000 b. 755,000 с. 550,000 d. 715,000
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