5. Baritone Company counted and reported the ending inventory on December 31, 2016 at P2,000,000. None of the following items were included when the total amount of the ending inventory was computed: Goods located in the entity's warehouse that are on consignment from another entity Goods sold by the entity and shipped on December 30 FOB destination were in transit on December 31, 2016 and received by the customer on January 2, 2017 Goods purchased by the entity and shipped on December 30 FOB shipping point were in transit |on December 31, 2016 and received by the entity on January 2, 2017 Goods sold by the entity and shipped on December 30 FOB shipping point were in transit on December 31, 20116 and received by the customer on January 2, 2017 150,000 200,000 300,000 400,000 What is the correct amount of inventory on December 31, 2016? a. 2,500,000 b. 2,350,000 c. 2,900,000 d. 2,750,000

5. Baritone Company counted and reported the ending inventory on December 31, 2016 at P2,000,000. None of the following items were included when the total amount of the ending inventory was computed: Goods located in the entity's warehouse that are on consignment from another entity Goods sold by the entity and shipped on December 30 FOB destination were in transit on December 31, 2016 and received by the customer on January 2, 2017 Goods purchased by the entity and shipped on December 30 FOB shipping point were in transit |on December 31, 2016 and received by the entity on January 2, 2017 Goods sold by the entity and shipped on December 30 FOB shipping point were in transit on December 31, 20116 and received by the customer on January 2, 2017 150,000 200,000 300,000 400,000 What is the correct amount of inventory on December 31, 2016? a. 2,500,000 b. 2,350,000 c. 2,900,000 d. 2,750,000

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Description: 5. Baritone Company counted and reported the ending inventory on December 31, 2016 at P2,000,000.None of the following items were included when the total amount of the ending inventory was computed:Goods located in the entity's warehouse that are on

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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