(Inclusions and Exclusions) 1. On December 31, 2021, Valentina noted the following inventories: • Merchandisc of P600,000 is hcld on consignment by Valentina. • Merchandise of P700,000 was shipped out by Valentina on consignment on another store.
(Inclusions and Exclusions) 1. On December 31, 2021, Valentina noted the following inventories: • Merchandisc of P600,000 is hcld on consignment by Valentina. • Merchandise of P700,000 was shipped out by Valentina on consignment on another store.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1
Transcribed Image Text:INVENTORIES
(Inclusions and Exclusions)
1. On December 31, 2021, Valentina noted the following inventories:
• Merchandise of P600,000 is held on consignment by Valentina.
• Merchandise of P700,000 was shipped out by Valentina on consignment on another
store.
• Goods costing P400,000 was shipped by Valentina “Ex-ship" to a customer on
December 31, 2021. The customer received the goods on January 3, 2022.
• Merchandise costing P500,000 was shipped by Valentina “Free alongside" to a customer
on December 29, 2021. The customer received the goods on January 6, 2022.
• Goods costing P800,000 shipped by a vendor FOB destination on December 31, 2021
was received by Valentina on January 7, 2022.
• Goods costing P700,000 was shipped by a supplier "CIF" on December 30, 2021 and
received by Valentina on January 10, 2022.
How much from the above will be included in Valentina's inventory?
a. 1,400,000
b. 1,800,000
700,000
d. 1,300,000
c.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education