The problem is stated in the picture.Here is the question:1. How much should be presented as inventory in the statement of financial position as of december 31, 2021? Problem 3DUDUTLANG produces and sells legitimate drugs. BTC, ADA, AXS and SLP. DUDUTLANG iscurrently determining the value to be presented in the statement of financial position as ofDecember 31, 2021. The following information were provided by DUDUTLANG:BTCADAAXSSLPEst.SellingP30,000 P110 P7,000P4PriceEst.Selling10,20050 2,5001CostsEst. Coststo3,00012 1,200CompleteUnit Cost17,00045 3,450Units100 12,000 1,500 200,500How much should be presented as inventory in the statement of financial position as ofDecember 31, 2021?2.

Stock is values at lower of Cost and NRV (Net realizable value) Net realizable value if the…

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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 problem is stated in the picture.

Here is the question:

1. How much should be presented as inventory in the statement of financial position as of december 31, 2021?

Problem 3
DUDUTLANG produces and sells legitimate drugs. BTC, ADA, AXS and SLP. DUDUTLANG is
currently determining the value to be presented in the statement of financial position as of
December 31, 2021. The following information were provided by DUDUTLANG:
BTC
ADA
AXS
SLP
Est.
Selling
P30,000 P110 P7,000
P4
Price
Est.
Selling
10,200
50 2,500
1
Costs
Est. Costs
to
3,000
12 1,200
Complete
Unit Cost
17,000
45 3,450
Units
100 12,000 1,500 200,500
How much should be presented as inventory in the statement of financial position as of
December 31, 2021?
2.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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