On December 31, 2024, Punch Company reported inventory per physica count at P1,500,000. The entity revealed the following information: • Goods in transit by Dec. 31, 2024 purchased FOB shipping point, tota price P100,000 including freight of P20,000. Goods held on consignment included in the count, costing P30,000. Goods in transit by December 31, 2024 sold FOB destination, costing P45,000 including freight of P5,0000. Goods purchased in transit by December 31, 2024, "Ex-ship", costing P50,000. Goods purchased in transit by December 31, 2024, "Cost, Insurance, Freight", costing P75,000. What is the correct amount of inventory on December 31, 2024?

On December 31, 2024, Punch Company reported inventory per physica count at P1,500,000. The entity revealed the following information: • Goods in transit by Dec. 31, 2024 purchased FOB shipping point, tota price P100,000 including freight of P20,000. Goods held on consignment included in the count, costing P30,000. Goods in transit by December 31, 2024 sold FOB destination, costing P45,000 including freight of P5,0000. Goods purchased in transit by December 31, 2024, "Ex-ship", costing P50,000. Goods purchased in transit by December 31, 2024, "Cost, Insurance, Freight", costing P75,000. What is the correct amount of inventory on December 31, 2024?

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Description: What is the correct amount of inventory on December 31, 2024? On December 31, 2024, Punch Company reported inventory per physicalcount at P1,500,000. The entity revealed the following information:Goods in transit by Dec. 31, 2024 purchased FOB shippi

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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