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 Items ordered and in the receiving department, invoice not received Items ordered, invoice received, but goods not received; shipping term was FAS (free alongside) Items shipped today, invoice mailed, CIF (cost, insurance, freight) Items shipped today, invoice mailed, ex-ship Items currently being used for window display Items on counter for sale 100,000 800,000 600,000 500,000 300,000 400,000 1,600,000 Items in the receiving department, refused by Ljubljana Company because of damage Items included in the count, damaged and 360,000 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? 1.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
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
Items ordered and in the receiving department,
invoice not received
100,000
800,000
Items ordered, invoice received, but goods not
received; shipping term was FAS (free
alongside)
Items shipped today, invoice mailed, CIF (cost,
insurance, freight)
Items shipped today, invoice mailed, ex-ship
Items currently being used for window display
Items on counter for sale
600,000
500,000
300,000
400,000
1,600,000
Items in the receiving department, refused by
Ljubljana Company because of damage
Items included in the count, damaged and
unsalable
360,000
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?
1.
Transcribed Image Text: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 Items ordered and in the receiving department, invoice not received 100,000 800,000 Items ordered, invoice received, but goods not received; shipping term was FAS (free alongside) Items shipped today, invoice mailed, CIF (cost, insurance, freight) Items shipped today, invoice mailed, ex-ship Items currently being used for window display Items on counter for sale 600,000 500,000 300,000 400,000 1,600,000 Items in the receiving department, refused by Ljubljana Company because of damage Items included in the count, damaged and unsalable 360,000 100,000 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? 1.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education