Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following: • Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022. • Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4, 2022. The invoice cost was P25,000. • Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost. What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position? *

Fig Company's inventory at December 31, 2021 was P570,000 based on a physical count of goods priced at cost and before any necessary year-end adjustments relating to the following: • Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2021. These goods had a cost of P15,000 and were picked up by the carrier only on January 10, 2022. • Goods shipped FOB shipping point on December 28, 2021 from a vendor to Fig Company were received on January 4, 2022. The invoice cost was P25,000. • Goods shipped from Fig Company to a customer, terms FOB destination, are still in transit at December 31, 2021. The goods, with a selling price of P120,500, were received by the customer on January 5, 2022. The company sells goods at a 25% markup on cost. What amount should Fig Company report as inventory in its December 31, 2021 statement of financial position? *

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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