PROBLEM 1: AAA Company provided you with the following data with respect to its inventory: Items counted at the warehouse P 8,000,000 Items excluded from the count segregated per sales contract 200,000 Items in the receiving department, returned by customer and in good condition 100,000 Items ordered and in the receiving department, invoice not received 800,000 Items ordered, invoice received, but goods not received; shipping term was FAS (free alongside) 600,000 Items shipped today, invoice mailed, CIF (cost, insurance, freight) 500,000 Items shipped today, invoice mailed, ex-ship 300,000 Items currently being used for window display 400,000 Items on counter for sale 1,600,000 Items in the receiving department, refused by Ljubljana Company because of damage 360,000 Items included in the count, damaged and unsalable 100,000 Items in the shipping department awaiting shipment 500,000 What is the correct amount of inventory to be presented in AAA’s statement of financial position?
PROBLEM 1: AAA Company provided you with the following data with respect to its inventory: Items counted at the warehouse P 8,000,000
Items excluded from the count segregated per
sales contract 200,000
Items in the receiving department, returned by
customer and in good condition 100,000
Items ordered and in the receiving department,
invoice not received 800,000
Items ordered, invoice received, but goods not
received; shipping term was FAS (free
alongside) 600,000
Items shipped today, invoice mailed, CIF (cost,
insurance, freight) 500,000
Items shipped today, invoice mailed, ex-ship 300,000
Items currently being used for window display 400,000
Items on counter for sale 1,600,000
Items in the receiving department, refused by
Ljubljana Company because of damage 360,000
Items included in the count, damaged and
unsalable 100,000
Items in the shipping department awaiting
shipment 500,000
- What is the correct amount of inventory to be presented in AAA’s
statement of financial position ?
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