A physical count on December 31, 2021 revealed that Joy Company had inventory with a cost of P4,410,000. The following items were excluded from this amount: • Merchandise of P610,000 is held by Joy Company on consignment. • Merchandise costing P380,000 was shipped by Joy Company FOB destination to a customer on December 31, 2021. The customer was expected to receive the goods on January 5, 2022. * Merchandise costing P460,000 was shipped by Joy Company FOB shipping point to a customer on December 29 , 2021. The customer was expected to receive the goods on January 10, 2022. Merchandise costing P830,000 ahipped by a vendor FOB destination on December 31, 2021 was received by Joy Company on January 15, 2022. Merchandise costing P510,000 purchased FOB ahipping point was shipped by the supplier on December 31, 2021 and received by Joy on January 5, 2022.

A physical count on December 31, 2021 revealed that Joy Company had inventory with a cost of P4,410,000. The following items were excluded from this amount: • Merchandise of P610,000 is held by Joy Company on consignment. • Merchandise costing P380,000 was shipped by Joy Company FOB destination to a customer on December 31, 2021. The customer was expected to receive the goods on January 5, 2022. * Merchandise costing P460,000 was shipped by Joy Company FOB shipping point to a customer on December 29 , 2021. The customer was expected to receive the goods on January 10, 2022. Merchandise costing P830,000 ahipped by a vendor FOB destination on December 31, 2021 was received by Joy Company on January 15, 2022. Merchandise costing P510,000 purchased FOB ahipping point was shipped by the supplier on December 31, 2021 and received by Joy on January 5, 2022.

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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