Problem 10-11 (IAA) Shindig Company is preparing its 2013 year-end financial statements. Prior to any adjustments, inventory is valued at P7,600,000. The following information has been found relating to certain inventory transactions: Goods valued at P1,000,000 are on consignment with a customer. These goods are not included in the year-end inventory figure. * Goods costing P250,000 were received from a vendor on January 5, 2014. The related invoice was received and recorded on January 12, 2014. The goods were shipped on December 31, 2013, terms FOB shipping point. Goods costing P850,000 were shipped on December 31, 2013, and were delivered to the customer on January 2, 2014. The terms of the invoice were. FOB shipping point. The goods were included in ending inventory for 2013 even though the sale was recorded in 2013. * A P350,000 shipment of goods to a customer on December 31, 2013 terms FOB destination, was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 8, 2014. The sale was properly recorded in 2014. * An invoice for goods costing P350,000 was received and recorded as a purchase on December 31, 2013. The related goods, shipped FAS, were in transit on December 31, 2013 and received on January 2, 2014, and were not included in the physical inventory. * Goods valued at P650,000 are on consignment from a vendor. These goods are not included in the year-end inventory figure. A P1,050,000 shipment of goods to a customer on December 30, 2013, terms FOB destination, was recorded as a sale in 2013. The goods, costing P840,000 and delivered to the customer on January 6, 2014, were not included in 2013 ending inventory. * Required: Compute the correct amount of inventory to be reported in the statement of financial position on December 31, 2013.
Problem 10-11 (IAA) Shindig Company is preparing its 2013 year-end financial statements. Prior to any adjustments, inventory is valued at P7,600,000. The following information has been found relating to certain inventory transactions: Goods valued at P1,000,000 are on consignment with a customer. These goods are not included in the year-end inventory figure. * Goods costing P250,000 were received from a vendor on January 5, 2014. The related invoice was received and recorded on January 12, 2014. The goods were shipped on December 31, 2013, terms FOB shipping point. Goods costing P850,000 were shipped on December 31, 2013, and were delivered to the customer on January 2, 2014. The terms of the invoice were. FOB shipping point. The goods were included in ending inventory for 2013 even though the sale was recorded in 2013. * A P350,000 shipment of goods to a customer on December 31, 2013 terms FOB destination, was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 8, 2014. The sale was properly recorded in 2014. * An invoice for goods costing P350,000 was received and recorded as a purchase on December 31, 2013. The related goods, shipped FAS, were in transit on December 31, 2013 and received on January 2, 2014, and were not included in the physical inventory. * Goods valued at P650,000 are on consignment from a vendor. These goods are not included in the year-end inventory figure. A P1,050,000 shipment of goods to a customer on December 30, 2013, terms FOB destination, was recorded as a sale in 2013. The goods, costing P840,000 and delivered to the customer on January 6, 2014, were not included in 2013 ending inventory. * Required: Compute the correct amount of inventory to be reported in the statement of financial position on December 31, 2013.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:customer. These goods are not included in the year-end
P7,600,000. The following information has been found relating
Shindig Company is preparing its 2013 year-end financial
January 5, 2014. The related invoice was received and
* Goods costing P250,000 were received from a vendor on
December 31, 2013, terms FOB shipping point.
inventory transactions:
Coods valued at P1,000,000 are on consignment with a
oustomer. These goods are not included in the year-end
inventory figure.
January 5, 2014. The related invoice was received and
vecorded on January 12, 2014. The goods were shipped on
Goods costing P850,000 were shipped on December 31,
2013, and were delivered to the customer on January 2,
2014. The terms of the invoice were. FOB shipping point.
The goods were included in ending inventory for 2013 even
though the sale was recorded in 2013.
A P350,000 shipment of goods to a customer on December
31, 2013 terms FOB destination, was not included in the
year-end inventory. The goods cost P260,000 and were
delivered to the customer on January 8,2014. The sale was
properly recorded in 2014.
* An invoice for goods costing P350,000 was received and
recorded as a purchase on December 31, 2013. The related
goods, shipped FAS, were in transit on December 31, 2013
and received on January 2, 2014, and were not included in
the physical inventory.
Goods valued at P650,000 are on consignment from a vendor.
These goods are not included in the year-end inventory
figure.
A P1,050,000 shipment of goods to a customer on December
30, 2013, terms FOB destination, was recorded as a sale in
2013. The goods, costing P840,000 and delivered to the
customer on January 6, 2014, were not included in 2013
ending inventory.
Required:
Compute the correct amount of inventory to be reported in
the statement of financial position on December 31, 2013.
469
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