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Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on installment basis, P100,000  b. Goods in transit sold at FOB shipping point, P120,000 c. Freight charges on goods purchased, P50,000 d. Freight charges on goods sold, P46,000 e. Raw materials purchased, P60,000 f. Goods in transit purchased at FOB shipping point, P34,000 g. Raw materials placed in the production, P45,000 h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory? 489,000 369,000 269,000 186,000

Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on installment basis, P100,000  b. Goods in transit sold at FOB shipping point, P120,000 c. Freight charges on goods purchased, P50,000 d. Freight charges on goods sold, P46,000 e. Raw materials purchased, P60,000 f. Goods in transit purchased at FOB shipping point, P34,000 g. Raw materials placed in the production, P45,000 h. Unsold finished goods in the warehouse and store, P80,000 How much cost of goods would be usually reported as inventory? 489,000 369,000 269,000 186,000

FINANCIAL ACCOUNTING
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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22.Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1:
a. Goods sold on installment basis, P100,000 
b. Goods in transit sold at FOB shipping point, P120,000
c. Freight charges on goods purchased, P50,000
d. Freight charges on goods sold, P46,000
e. Raw materials purchased, P60,000
f. Goods in transit purchased at FOB shipping point, P34,000
g. Raw materials placed in the production, P45,000
h. Unsold finished goods in the warehouse and store, P80,000

How much cost of goods would be usually reported as inventory?

489,000
369,000
269,000
186,000

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