The physical inventory on December 31, 2019 of Tintin Co. showed merchandise at P172,000. You discovered that the following Item were excluded from, this amount: Merchandise costing P31,500 shipped by a vendor FOB shipping point on December 31, 2019 and received by Tintin on January 5, 2020. Merchandise costing P40,000 shipped by a vendor FOB destination on December 30, 2019 and received by Tintin on January 4, 2020. Merchandise costing P12,500 which was shipped FOB destination to a customer on December 29, 2019. The customer expected to receive the merchandise on January 6, 2020. Merchandise costing P28,500 which was shipped FOB shipping point to a customer on December 29, 2019. The goods are scheduled to arrive at the destination point on January 2, 2020. REQUIRED: What is the correct amount of inventory that should appear on Tintin's December 31, 2019 Statement of financial position? WITH EXPLANATION PLS!

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.