Eta Inc. conducted a physical count on December 31, 2019 which revealed merchandise with ta total cost of P 5,000,000. However, further investigation revealed that the following items were excluded from the count. Goods sold to customers, which are being held for the customer to call at the customer's convenience with a cost of P 200,000. A packing case containing a product costing P 500,000 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for Shipping Instructions". A special machine costing P 250,000, fabricated to order for a customer, was finished and specifically segregated at the back part of the shipping room on January 2, 2020. What is the correct amount of inventory that should be reported on December 31, 2019? A. P5,950,000 B. P5,750,000 C. P5,500,000 D. P 5,700,000

Eta Inc. conducted a physical count on December 31, 2019 which revealed merchandise with ta total cost of P 5,000,000. However, further investigation revealed that the following items were excluded from the count. Goods sold to customers, which are being held for the customer to call at the customer's convenience with a cost of P 200,000. A packing case containing a product costing P 500,000 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for Shipping Instructions". A special machine costing P 250,000, fabricated to order for a customer, was finished and specifically segregated at the back part of the shipping room on January 2, 2020. What is the correct amount of inventory that should be reported on December 31, 2019? A. P5,950,000 B. P5,750,000 C. P5,500,000 D. P 5,700,000

Name: Eta Inc. conducted a physical count on December 31, 2019 which reveal
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Description: Eta Inc. conducted a physical count on December 31, 2019 which revealed merchandise withta total cost of P 5,000,000. However, further investigation revealed that the following itemswere excluded from the count.Goods sold to customers, which are bei

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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