Cake Co. included the following items in inventory: Materials, P1,648,000 . Advances for materials, P105,000 Goods in process, P830,500 Advertising catalogs and shipping cartons, P44,600 Finished goods in factory, P272,700 Finished goods in company-owned retail store, including a 50% profit based on cost; P450,000 Finished goods in hands of consignees including 40% profit based on sales, P385,000 Office supplies, P26,100 Goods held on consignment, at sales price (cost, P210,000), P280,000 Materials in transit, shipped FOB shipping point, including freight of P25,000, P422,780 Materials in transit, shipped FOB destination, including freight of P16,000, P270,300 What is the correct amount of inventory as per PAS 2 Inventories? *

Cake Co. included the following items in inventory: Materials, P1,648,000 . Advances for materials, P105,000 Goods in process, P830,500 Advertising catalogs and shipping cartons, P44,600 Finished goods in factory, P272,700 Finished goods in company-owned retail store, including a 50% profit based on cost; P450,000 Finished goods in hands of consignees including 40% profit based on sales, P385,000 Office supplies, P26,100 Goods held on consignment, at sales price (cost, P210,000), P280,000 Materials in transit, shipped FOB shipping point, including freight of P25,000, P422,780 Materials in transit, shipped FOB destination, including freight of P16,000, P270,300 What is the correct amount of inventory as per PAS 2 Inventories? *

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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