Problem 1 AFABLE Company provided the following data at year-end: Items counted in the bodega Items included in the count specifically segregated per sales contract Items in receiving department, returned by customer, in good condition Items ordered and in the receiving department, invoice not received Items ordered, invoice received but goods not received. Freight is shouldered by seller Items shipped out today, invoice mailed, FOB shipping point Items shipped out today, invoice mailed, FOB destination Items currently being used for window display Items on counter for sale Items in receiving department, refused by us because of damage Items included in bodega count, damaged and unsalable Items in the shipping department Required: Compute the correct amount of inventory P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 180,000 50,000 250,000

Problem 1 AFABLE Company provided the following data at year-end: Items counted in the bodega Items included in the count specifically segregated per sales contract Items in receiving department, returned by customer, in good condition Items ordered and in the receiving department, invoice not received Items ordered, invoice received but goods not received. Freight is shouldered by seller Items shipped out today, invoice mailed, FOB shipping point Items shipped out today, invoice mailed, FOB destination Items currently being used for window display Items on counter for sale Items in receiving department, refused by us because of damage Items included in bodega count, damaged and unsalable Items in the shipping department Required: Compute the correct amount of inventory P 4,000,000 100,000 50,000 400,000 300,000 250,000 150,000 200,000 800,000 180,000 50,000 250,000

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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___________The account used under periodic system to record returns of purchased goods to the supplier.
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