On December 31, 2024, Delta Company made a complete physical inventory count totaling P630,000. However, the said count did not consider the following data: • Towards the end of the year, Delta sent goods costing P122,500 on consignment to Beta Company to sell for P159,250 with a 30% markup on cost. On December 31, 2024, Beta Company reported P93,600 sales of the consigned goods; the remainder are still on hand at year-end. • In addition, Delta Company purchased P45,500 worth of goods shipped on December 27, FOB destination. Delta received the goods on January 3, 2025. REQUIRED: What is the correct amount of inventory to be reported by Delta Company on December 31, 2024?
On December 31, 2024, Delta Company made a complete physical inventory count totaling P630,000. However, the said count did not consider the following data:
• Towards the end of the year, Delta sent goods costing P122,500 on consignment to Beta Company to sell for P159,250 with a 30% markup on cost. On December 31, 2024, Beta Company reported P93,600 sales of the consigned goods; the remainder are still on hand at year-end.
• In addition, Delta Company purchased P45,500 worth of goods shipped on December 27, FOB destination. Delta received the goods on January 3, 2025.
REQUIRED:
What is the correct amount of inventory to be reported by Delta Company on December 31, 2024?
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