1. Compute the October 31, 2022 adjusted balances of Sales of Example Company2. Compute the October 31, 2022 adjusted balances of Inventories of Example Company3. If all the goods were shipped with terms FOB Shipping point, Compute the October 31, 2022 adjusted balances of Sales of Example Company In testing the sales cut-off for the EXAMPLE COMPANY in connection with an audit for the year ended October 31, 2022, you findthe following information.A physical inventory was taken as of the close of business on October 31, 2022. All customers are within a three-day delivery area ofthe company's plant. The unadjusted balances of Sales and Inventories are P7,500,000 and P330,000, respectively.FOB TermsDate RecordedOct. 31Invoice NumberDate ShippedSalesCost6671DestinationOct. 203,0002,7006672Shipping pointOct. 31Nov. 27,5006,000Oct. 31Oct. 29Nov. 2Oct. 23Nov. 6Nov. 3Oct. 31Nov. 26673Shipping pointOct. 255,4003,600Oct. 31Oct. 31Nov. 26674Destination12,6009,30024,00015,3006675Shipping pointShipping pointShipping point27,600667619,5006677Nov. 522,50017,4006678DestinationOct. 2511,7006,0006679Shipping pointNov. 425,80024,6006680DestinationNov. 515,00012,000

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s of Inventories of Example Company 3. If all the goods were shipped with terms FOB Shipping point, C

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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Question

1. Compute the October 31, 2022 adjusted balances of Sales of Example Company

2. Compute the October 31, 2022 adjusted balances of Inventories of Example Company

3. If all the goods were shipped with terms FOB Shipping point, Compute the October 31, 2022 adjusted balances of Sales of Example Company

In testing the sales cut-off for the EXAMPLE COMPANY in connection with an audit for the year ended October 31, 2022, you find
the following information.
A physical inventory was taken as of the close of business on October 31, 2022. All customers are within a three-day delivery area of
the company's plant. The unadjusted balances of Sales and Inventories are P7,500,000 and P330,000, respectively.
FOB Terms
Date Recorded
Oct. 31
Invoice Number
Date Shipped
Sales
Cost
6671
Destination
Oct. 20
3,000
2,700
6672
Shipping point
Oct. 31
Nov. 2
7,500
6,000
Oct. 31
Oct. 29
Nov. 2
Oct. 23
Nov. 6
Nov. 3
Oct. 31
Nov. 2
6673
Shipping point
Oct. 25
5,400
3,600
Oct. 31
Oct. 31
Nov. 2
6674
Destination
12,600
9,300
24,000
15,300
6675
Shipping point
Shipping point
Shipping point
27,600
6676
19,500
6677
Nov. 5
22,500
17,400
6678
Destination
Oct. 25
11,700
6,000
6679
Shipping point
Nov. 4
25,800
24,600
6680
Destination
Nov. 5
15,000
12,000

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