3. The balance in Pappan Company's accounts payable account on December 31, 2021 was P1,225,000 before the following information was considered: • Goods shipped FOB destination on December 21, 2021 from a vendor to the company were lost in transit. The invoice cost of P45,000 was recorded by the company. On December 28, 2021, it notified the vendor of the lost shipment. • Goods were in transit from a vendor to the company on December 31, 2021. The invoice cost was P60,000 and the goods were shipped FOB shipping point on December 28, 2021. The company received the goods on January 6, 2022. • Goods shipped to the company, FOB shipping point on December 20, 2021 from a vendor were lost in transit. The invoice price was P50,000. On January 5, 2022, the company filed a P50,000 claim against the common carrier. On December 27, 2021, a vendor authorized the company to return, for full credit, goods shipped and billed at P35,000 on December 20, 2021. The returned goods were shipped by the company on December 27, 2021. A P35,000 credit memo was received and recorded by the company on January 6, 2022. What amount should it report as accounts payable in its December 31, 2021 statement of financial position? a. P1,300,000 c. P1,255,000 b. P1,345,000 d. P1,250,000 4. Yu Company's usual sales terms are net 60 days, FOB shipping point. Sales, net of returns and allowances totaled P2,300,000 for the year ended December 31, 2021 before year-end adjustments. Additional data are as follows: On December 27, 2021, it authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2021. The returned goods were received by the company on January 4, 2022 and a P50,000 credit memo was issued on the same date. • Goods with an invoice amount of P80,000 were billed to a customer on January 3, 2022. The goods were shipped on December 30, 2021. • Goods with an invoice amount of P100,000 were billed but unrecorded on December 30, 2021. The goods were shipped on January 3, 2022. The adjusted net sales for the year 2021 should be: a. P2,330,000 c. P2,250,000 b. P2,280,000 d. P2,230,000