Maridel Company revealed inventory on December 31, 2019 at P3,250,000 based on a physical count priced at cost and before any necessary adjustment for the following:   Merchandise costing P300,000 shipped FOB shipping point from a vendor on December 31, 2019 was received on January 5, 2020. Merchandise costing P220,000 shipped FOB destination from a vendor, on December 28, 2019 was received on Janury 3, 2020. Merchandise costing P380,000 shipped to a customer FOB destination on December 28, 2019 arrived at the customer location on January 6, 2020. Merchandise costing P120,000 was being held on consignment by Trisha Company, a consignee of Maridel Company. What amount should be reported as inventory on December 31, 2019?

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A:

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.