Sejz Company used perpetual inventory system to record inventory transactions for 2021. P1,900,000 6,500,000 150,000 4,600,000 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing Inventory Sales Sales returns Cost of goods sold Inventory losses P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory writedown is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? A. P 5,020,000 В. Р4,500,000 С. Р4,720,000 D. P 4,920,000
Sejz Company used perpetual inventory system to record inventory transactions for 2021. P1,900,000 6,500,000 150,000 4,600,000 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing Inventory Sales Sales returns Cost of goods sold Inventory losses P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory writedown is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? A. P 5,020,000 В. Р4,500,000 С. Р4,720,000 D. P 4,920,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Sejz Company used perpetual inventory system to record inventory transactions for
2021.
P1,900,000
6,500,000
150,000
4,600,000
120,000
On December 24, the entity recorded a P 150,000 credit sales of goods costing
Inventory
Sales
Sales returns
Cost of goods sold
Inventory losses
P 100,000.
These goods were sold on FOB destination point terms and were in transit on December
31. The goods were included in the physical count. The inventory on December 31
determined by physical count has a cost of P 2,000,000 and a net realizable value of P
1,700,000. Any inventory writedown is not yet recorded.
What amount should be reported as Cost of Goods Sold for 2020?
A. P 5,020,000
В. Р4,500,000
С. Р4,720,000
D. P 4,920,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5655083-1569-4976-8ec2-1db74a345943%2F9c72ad4b-00bb-4f6c-97d0-cbd99b156aa8%2Fggg2cpt_processed.png&w=3840&q=75)
Transcribed Image Text:Sejz Company used perpetual inventory system to record inventory transactions for
2021.
P1,900,000
6,500,000
150,000
4,600,000
120,000
On December 24, the entity recorded a P 150,000 credit sales of goods costing
Inventory
Sales
Sales returns
Cost of goods sold
Inventory losses
P 100,000.
These goods were sold on FOB destination point terms and were in transit on December
31. The goods were included in the physical count. The inventory on December 31
determined by physical count has a cost of P 2,000,000 and a net realizable value of P
1,700,000. Any inventory writedown is not yet recorded.
What amount should be reported as Cost of Goods Sold for 2020?
A. P 5,020,000
В. Р4,500,000
С. Р4,720,000
D. P 4,920,000
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