The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an accountant you checked the inventories and found out that the following items were excluded from this amount. - Merchandise costing P40,500 shipped by a vendor FOB Shipping point on December 31, 2019 and received by Jungkook Company on February 5, 2019. - Merchandise costing P45,000 shipped by a vendor FOB destination on January 30, 2019 and received by Jungkook Company on February 4, 2019. - Merchandise costing P15,800 which was shipped FOB destination to a customer on January 29, 2019. The customer expected to receive the merchandise on February 6, 2019. - Merchandise costing P40,900 which was shipped FOB shipping point to a customer on January 29, 2019. The goods are scheduled to arrive at the destination point on February 2, 2019. What is the correct amount of inventory that should appear on Jungkook’s October 2019 statement of financial position?Required to answer. Single choice.
The Physical inventory on January 31, 2019 of Jungkook Company showed merchandise at P300,000. As an accountant you checked the inventories and found out that the following items were excluded from this amount. - Merchandise costing P40,500 shipped by a vendor FOB Shipping point on December 31, 2019 and received by Jungkook Company on February 5, 2019. - Merchandise costing P45,000 shipped by a vendor FOB destination on January 30, 2019 and received by Jungkook Company on February 4, 2019. - Merchandise costing P15,800 which was shipped FOB destination to a customer on January 29, 2019. The customer expected to receive the merchandise on February 6, 2019. - Merchandise costing P40,900 which was shipped FOB shipping point to a customer on January 29, 2019. The goods are scheduled to arrive at the destination point on February 2, 2019. What is the correct amount of inventory that should appear on Jungkook’s October 2019
Step by step
Solved in 3 steps
