Miami Company reported the following information at year-end: Trade accounts receivable P930,000 Allowance for uncollectible accounts (20,000) Claim against shipper for goods lost in transit in 30,000 November Selling price of unsold goods sent by Miami on consignment at 130% of cost and not included in Miami's 260,000 ending inventory Security deposit on lease of warehouse used for storing some inventories 300,000 Total P1,500,000 What total amount should be reported as trade and other receivables under current assets at year-end?

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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.