As a result of a thorough physical inventory, Railway Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: Rogers Consignment store currently has goods worth P35,000 on its sales floor that belong to Railway but are being sold on consignment by Rogers. The selling price of these goods is P50,000. Railway purchased P13,000 of goods that were shipped on December 27, FOB destination, that will be received by Railway on January 3. How much is the correct amount of inventory to be reported in Railway Company's statement of financial position? * O P228,000 O P193,000 O P215,000 P230,000
As a result of a thorough physical inventory, Railway Company determined that it had inventory worth P180,000 at December 31, 2020. This count did not take into consideration the following facts: Rogers Consignment store currently has goods worth P35,000 on its sales floor that belong to Railway but are being sold on consignment by Rogers. The selling price of these goods is P50,000. Railway purchased P13,000 of goods that were shipped on December 27, FOB destination, that will be received by Railway on January 3. How much is the correct amount of inventory to be reported in Railway Company's statement of financial position? * O P228,000 O P193,000 O P215,000 P230,000
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:As a result of a thorough physical inventory, Railway Company determined that it had
inventory worth P180,000 at December 31, 2020. This count did not take into consideration
the following facts: Rogers Consignment store currently has goods worth P35,000 on its sales
floor that belong to Railway but are being sold on consignment by Rogers. The selling price of
these goods is P50,000. Railway purchased P13,000 of goods that were shipped on December
27, FOB destination, that will be received by Railway on January 3. How much is the correct
amount of inventory to be reported in Railway Company's statement of financial position? *
O P228,000
O P193,000
O P215,000
P230,000
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