AL Company included the following items in inventory:Materials1,400,000Advances for materials ordered200,000Goods in processUnexpired insurance on inventoryAdvertising catal ogs and shipping cartonsFinished goods in factoryFinished goods in entity-owned retail store, including 50% profit on cost 750,000Finished goods in hands of consignee including 40% profit on salesFinished goods in transit to customers, shipped FOB destination at costFinished goods out on approval, at costFinished goods held by salesmen, at selling price (cost P 100,000) 140,000Unsalable finished goods, at costOffice suppliesMaterials in transit, shipped FOB shipping point, excluding freight of P 30,000Gasoline and oil for testing finished goods 110,000650,00060,000150,0002,000,000400,000250,000100,00050,00040,000330,000Machine lubricants60,000REQUIRED: compute the correct amount of inventory.

Name: AL Company included the following items in inventory:Materials1,400,0
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Description: AL Company included the following items in inventory:Materials1,400,000Advances for materials ordered200,000Goods in processUnexpired insurance on inventoryAdvertising catal ogs and shipping cartonsFinished goods in factoryFinished goods in entity-o

National Company Correct Amount of Inventory Materials 1400000 Goods in process…

Business

Accounting

AL Company included the following items in inventory: laterials 1,400,000 dvances for materials ordered 200,000 Foods in process nexpired insurance on inventory dvertising catalogs and shipping cartons 150,000 inished goods in factory inished goods in entity-owned retail store, including 50% profit inished goods in hands of consignee including 40% profit on sal inished goods in transit to customers, shipped FOB destination a inished goods out on approval, at cost inished goods held by salesmen, at selling price (cost P 100,000 nsalable finished goods, at cost office supplies 650,000 60,000 2,000,000 100,000 50,000 40,000

AL Company included the following items in inventory: laterials 1,400,000 dvances for materials ordered 200,000 Foods in process nexpired insurance on inventory dvertising catalogs and shipping cartons 150,000 inished goods in factory inished goods in entity-owned retail store, including 50% profit inished goods in hands of consignee including 40% profit on sal inished goods in transit to customers, shipped FOB destination a inished goods out on approval, at cost inished goods held by salesmen, at selling price (cost P 100,000 nsalable finished goods, at cost office supplies 650,000 60,000 2,000,000 100,000 50,000 40,000

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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