PROBLEM 9: The inventory on hand on December 31, 2022 for FFF Company is valued at acost of P950,000. The following items were not included in this inventory amount: A. Purchased goods in transit, terms FOB shipping point, invoice price of P50,000 andfreight cost of P2,500. B. Purchased goods in transit, shipped FOB destination, invoice price of P30,000 whichincludes freight charge of P1,500. C. Goods held on consignment by FFF Company at a sales price of P28,000, includingsales commission of 20% of the sales price. D. Goods sold to GGG Company, under terms FOB destination, invoiced for P18,500which includes P1,000 freight charge to deliver the goods. Goods are in transit. Theentity’s selling price is 140% of cost. E. Goods out on consignment to HHH Company, sales price of P35,000 and shippingcost of P2,000. What is the adjusted cost of the inventory on December 31, 2022?
PROBLEM 9: The inventory on hand on December 31, 2022 for FFF Company is valued at acost of P950,000. The following items were not included in this inventory amount:
A. Purchased goods in transit, terms FOB shipping point, invoice price of P50,000 andfreight cost of P2,500.
B. Purchased goods in transit, shipped FOB destination, invoice price of P30,000 whichincludes freight charge of P1,500.
C. Goods held on consignment by FFF Company at a sales price of P28,000, includingsales commission of 20% of the sales price.
D. Goods sold to GGG Company, under terms FOB destination, invoiced for P18,500which includes P1,000 freight charge to deliver the goods. Goods are in transit. Theentity’s selling price is 140% of cost.
E. Goods out on consignment to HHH Company, sales price of P35,000 and shippingcost of P2,000.
- What is the adjusted cost of the inventory on December 31, 2022?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
