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E 2-2 - Items included in inventories Erving Corp. included the following items under inventories: P1,200,000 470,000 350,000 200,000 900,000 3,000,000 Materials on hand Materials in transit shipped FOB shipping point Materials in transit shipped FOB destination Advances for materials ordered Goods in process Finished goods in factory Finished goods in entity-owned retail stores, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Goods held on consignment, at sales price, cost P150,000 Finished goods in transit to customers, shipped FOB seller, at cost Finished goods in transit to customers, shipped FOB buyer, at cost Unsalable finished goods, at cost Office supplies Advertising catalogs and shipping boxes 750,000 400,000 300,000 250,000 150,000 30,000 40,000 150,000 Required: Compute the amount to be presented as 'Inventories' under current assets.

E 2-2 - Items included in inventories Erving Corp. included the following items under inventories: P1,200,000 470,000 350,000 200,000 900,000 3,000,000 Materials on hand Materials in transit shipped FOB shipping point Materials in transit shipped FOB destination Advances for materials ordered Goods in process Finished goods in factory Finished goods in entity-owned retail stores, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Goods held on consignment, at sales price, cost P150,000 Finished goods in transit to customers, shipped FOB seller, at cost Finished goods in transit to customers, shipped FOB buyer, at cost Unsalable finished goods, at cost Office supplies Advertising catalogs and shipping boxes 750,000 400,000 300,000 250,000 150,000 30,000 40,000 150,000 Required: Compute the amount to be presented as 'Inventories' under current assets.

FINANCIAL ACCOUNTING
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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The topic is Inventories.
Chapter 2 - Inventories | 2-27 E 2-2 - Items included in inventories Erving Corp. included the following items under inventories: P1,200,000 470,000 350,000 200,000 900,000 3,000,000 Materials on hand Materials in transit shipped FOB shipping point Materials in transit shipped FOB destination Advances for materials ordered Goods in process Finished goods in factory Finished goods in entity-owned retail stores, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Goods held on consignment, at sales price, cost P150,000 Finished goods in transit to customers, shipped FOB seller, at cost Finished goods in transit to customers, shipped FOB buyer, at cost Unsalable finished goods, at cost Office supplies Advertising catalogs and shipping boxes 750,000 400,000 300,000 250,000 150,000 30,000 40,000 150,000 Required: Compute the amount to be presented as 'Inventories' under current assets.
Transcribed Image Text:Chapter 2 - Inventories | 2-27 E 2-2 - Items included in inventories Erving Corp. included the following items under inventories: P1,200,000 470,000 350,000 200,000 900,000 3,000,000 Materials on hand Materials in transit shipped FOB shipping point Materials in transit shipped FOB destination Advances for materials ordered Goods in process Finished goods in factory Finished goods in entity-owned retail stores, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Goods held on consignment, at sales price, cost P150,000 Finished goods in transit to customers, shipped FOB seller, at cost Finished goods in transit to customers, shipped FOB buyer, at cost Unsalable finished goods, at cost Office supplies Advertising catalogs and shipping boxes 750,000 400,000 300,000 250,000 150,000 30,000 40,000 150,000 Required: Compute the amount to be presented as 'Inventories' under current assets.
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