Parker Corp. included the following items under its inventory account: Raw materials.. .P 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Advances for materials ordered. Work in process.. Unexpired inventory insurance.. Advertising catalogs and packaging cartons. Finished goods inventory in the warehouse... Finished goods in the company owned retail store, stated at 50% mark-up on its cost... Finished goods in the hands of consignees including 40% profit on sales.... Finished goods in transit to customers, Shipped at FOB-Destination 750,000 400,000 stated at cost... 250,000 100,000 50,000 40,000 Finished goods out on customers' approval, at cost. Unsalable finished goods, at cost. Office stationeries and supplies. Materials in transit, shipped FOB-Shipping point, excluding P 30,000 freight cost... Goods held on consignment, at sales price, cost, P 150,000.. What is the correct amount of inventory? A. P5,375,000 330,000 200,000 В. Р 5,500,000 C. P5,540,000 D. P5,250,000

Parker Corp. included the following items under its inventory account: Raw materials.. .P 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Advances for materials ordered. Work in process.. Unexpired inventory insurance.. Advertising catalogs and packaging cartons. Finished goods inventory in the warehouse... Finished goods in the company owned retail store, stated at 50% mark-up on its cost... Finished goods in the hands of consignees including 40% profit on sales.... Finished goods in transit to customers, Shipped at FOB-Destination 750,000 400,000 stated at cost... 250,000 100,000 50,000 40,000 Finished goods out on customers' approval, at cost. Unsalable finished goods, at cost. Office stationeries and supplies. Materials in transit, shipped FOB-Shipping point, excluding P 30,000 freight cost... Goods held on consignment, at sales price, cost, P 150,000.. What is the correct amount of inventory? A. P5,375,000 330,000 200,000 В. Р 5,500,000 C. P5,540,000 D. P5,250,000

Name: Parker Corp. included the following items under its inventory account
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Description: Parker Corp. included the following items under its inventory account:Raw materials...P1,400,000200,000650,00060,000150,0002,000,000Advances for materials ordered.Work in process..Unexpired inventory insurance..Advertising catalogs and packaging car

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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