On December 31, 2024, Punch Company reported inventory per physical count t P1,500,000. The entity revealed the following information: • Goods in transit by Dec. 31, 2024 purchased FOB shipping point, total 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 physical count t P1,500,000. The entity revealed the following information: • Goods in transit by Dec. 31, 2024 purchased FOB shipping point, total 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?

Name: On December 31, 2024, Punch Company reported inventory per physical c
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Description: On December 31, 2024, Punch Company reported inventory per physical countat P1,500,000. The entity revealed the following information:• Goods in transit by Dec. 31, 2024 purchased FOB shipping point, total priceP100,000 including freight of P20,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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