Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: - Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. - Goods shipped FOB shipping point on December 28, 2019, from a vendor to Insular were received on January 4, 2020. The invoice cost was P50,000 What amount should Insular Company report as inventory on its December 31, 2019 statement of financial position
Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: - Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. - Goods shipped FOB shipping point on December 28, 2019, from a vendor to Insular were received on January 4, 2020. The invoice cost was P50,000 What amount should Insular Company report as inventory on its December 31, 2019 statement of financial position
Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following: - Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020. - Goods shipped FOB shipping point on December 28, 2019, from a vendor to Insular were received on January 4, 2020. The invoice cost was P50,000 What amount should Insular Company report as inventory on its December 31, 2019 statement of financial position
Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following:
- Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2019. These goods had a cost of P30,000 and were picked up by the carrier on January 10, 2020.
- Goods shipped FOB shipping point on December 28, 2019, from a vendor to Insular were received on January 4, 2020. The invoice cost was P50,000
What amount should Insular Company report as inventory on its December 31, 2019 statement of financial position
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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