Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods priced at cost, and before any necessary month-end adjustments relating to the following: Excluded in the physical count were goods billed to a customer FOB Shipping point on June 30, 2022. These goods had a cost of P2,500 and were picked up by the carrier on July 1, 2022. Goods shipped FOB Destination on June 28, 2022 to a customer were received on June 30, 2022. The invoice cost was P1,500. What amount should Bilo-Bilo report as inventory in its June 30, 2022, balance sheet?
Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods priced at cost, and before any necessary month-end adjustments relating to the following: Excluded in the physical count were goods billed to a customer FOB Shipping point on June 30, 2022. These goods had a cost of P2,500 and were picked up by the carrier on July 1, 2022. Goods shipped FOB Destination on June 28, 2022 to a customer were received on June 30, 2022. The invoice cost was P1,500. What amount should Bilo-Bilo report as inventory in its June 30, 2022, balance sheet?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...
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Bilo-Bilo Company’s inventory at June 30, 2022, was P75,000 based on a physical count of goods priced at cost, and before any necessary month-end adjustments relating to the following:
-
- Excluded in the physical count were goods billed to a customer FOB Shipping point on June 30, 2022. These goods had a cost of P2,500 and were picked up by the carrier on July 1, 2022.
- Goods shipped FOB Destination on June 28, 2022 to a customer were received on June 30, 2022. The invoice cost was P1,500.
What amount should Bilo-Bilo report as inventory in its June 30, 2022,
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