PROBLEM: Based on its general ledger/records, Alfonso Co. reported inventory of P356,400 at the end of 2021. The following items were included in the inventory total: P31,500 worth of goods shipped by "Free Along Side" on December 31, 2021, and received by Alfonso Co. on January 5, 2022. b. Goods worth P12,400 ordered from a supplier on December 26, 2021, were shipped on December 28 "Cost, Insurance, and Freight" but had not arrived by December 31. P14,800 worth of goods ordered on December 25, 2021, were shipped to Alfonso Co. FOB "Ex-ship" on December 28, 2021, and received on January 2, c. 2022. d. A client ordered P21,600 worth of goods on December 27, 2021, which were dispatched FOB Seller on December 29, 2021, and received by the customer on January 5, 2022. e. On December 29, 2021, goods worth P12,500 were shipped FOB Buyer to a client. The goods are still on their way, and the customer anticipates receiving them on January 6, 2022.

PROBLEM: Based on its general ledger/records, Alfonso Co. reported inventory of P356,400 at the end of 2021. The following items were included in the inventory total: P31,500 worth of goods shipped by "Free Along Side" on December 31, 2021, and received by Alfonso Co. on January 5, 2022. b. Goods worth P12,400 ordered from a supplier on December 26, 2021, were shipped on December 28 "Cost, Insurance, and Freight" but had not arrived by December 31. P14,800 worth of goods ordered on December 25, 2021, were shipped to Alfonso Co. FOB "Ex-ship" on December 28, 2021, and received on January 2, c. 2022. d. A client ordered P21,600 worth of goods on December 27, 2021, which were dispatched FOB Seller on December 29, 2021, and received by the customer on January 5, 2022. e. On December 29, 2021, goods worth P12,500 were shipped FOB Buyer to a client. The goods are still on their way, and the customer anticipates receiving them on January 6, 2022.

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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