The book value of the XYZ Trading’s inventory at year end of 2016 is P9, 500, 000. Included in the amount are the following items:Merchandise in transit, purchased FOB shipping point, P680, 000Goods held on consignment, P500, 000Goods out on consignment, at cost plus 50% mark up on cost plus P10, 000 delivery charge, P610, 0000Required: What is the correct amount of inventory?The correct amount of inventory is

Inventory includes the raw materials, work-in-progress (WIP), finished goods by any business either…

Answered: The book value of the XYZ Trading’s…

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 book value of the XYZ Trading’s inventory at year end of 2016 is P9, 500, 000. Included in the amount are the following items:

Merchandise in transit, purchased FOB shipping point, P680, 000
Goods held on consignment, P500, 000
Goods out on consignment, at cost plus 50% mark up on cost plus P10, 000 delivery charge, P610, 0000

Required: What is the correct amount of inventory?

The correct amount of inventory is

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