The Rodelio Company conducted a physical count of inventory on December 31, 2023, with a cost of P3,370,000. The following items were included from the physical count: Goods held by Rodelio on consignment P420,000 Goods shipped by a vendor FOB Destination on December 31, 2023 and was received by Rodelio on January 5, 2024. 850,000 Goods purchased FOB Shipping Point was shipped by the supplier on December 31, 2023 and received by Rodelio on January 4, 2024. 770,000 Cost of goods shipped by Rodelio FOB Destination to a customer on December 31, 2023 and was received by the customer on January 2, 2024. 370,000 Cost of goods shipped by Rodelio FOB Shipping Point to a customer on December 31, 2023 and was received by the customer on January 5, 2024. 590,000 Cost of goods shipped by Rodelio to a customer on December 31, 2023 on an installments agreement (Rodelio Company believed that the collectability of the installment is reasonably assured) 340,000 The Charlize Manufacturing Company inventory list at December 31, 2023 shows a total of P1,880,000. Included in such list are the following items: goods held on consignment P180,000 at cost; goods tagged awaiting customer’s instructions for delivery (manufactured according to customer’s specifications) P200,000 cost, unused store supplies P50,000, and goods sold with buyback arrangement at cost of 150,000. The following in transit goods were excluded from the list (all at cost): goods sold FOB shipping point P40,000; goods sold FOB destination, P32,000, goods purchased FOB shipping point P70,000, and goods purchased, FOB destination, P90,000. You were retained by Jazter Corporation on April 1, 2023 to estimate the inventory destroyed in a recent fire. The company’s markup on sales is 35%. The following information is obtained from available records: Inventory, January 1, P700,000; Gross purchases from January 1 to March 31 were P1,500,000, freight-in, P50,000, purchase returns and allowances, P20,000. Gross sales for the same period were P2,280,000, sales returns were P40,000, sales discounts were P15,000, and discounts granted to employees amounted to P57,000. Damaged goods were salvage at P120,000. Cost of goods purchased in transit, P54,000. How much is the cost of Charlize Manufacturing Company’s inventory at December 31, 2023?
The Rodelio Company conducted a physical count of inventory on December 31, 2023, with a cost of P3,370,000. The following items were included from the physical count:
|
Goods held by Rodelio on consignment |
P420,000 |
|
Goods shipped by a vendor FOB Destination on December 31, 2023 and was received by Rodelio on January 5, 2024. |
850,000 |
|
Goods purchased FOB Shipping Point was shipped by the supplier on December 31, 2023 and received by Rodelio on January 4, 2024. |
770,000 |
|
Cost of goods shipped by Rodelio FOB Destination to a customer on December 31, 2023 and was received by the customer on January 2, 2024. |
370,000 |
|
Cost of goods shipped by Rodelio FOB Shipping Point to a customer on December 31, 2023 and was received by the customer on January 5, 2024. |
590,000 |
|
Cost of goods shipped by Rodelio to a customer on December 31, 2023 on an installments agreement (Rodelio Company believed that the collectability of the installment is reasonably assured) |
340,000 |
The Charlize Manufacturing Company inventory list at December 31, 2023 shows a total of P1,880,000. Included in such list are the following items: goods held on consignment P180,000 at cost; goods tagged awaiting customer’s instructions for delivery (manufactured according to customer’s specifications) P200,000 cost, unused store supplies P50,000, and goods sold with buyback arrangement at cost of 150,000. The following in transit goods were excluded from the list (all at cost): goods sold FOB shipping point P40,000; goods sold FOB destination, P32,000, goods purchased FOB shipping point P70,000, and goods purchased, FOB destination, P90,000.
You were retained by Jazter Corporation on April 1, 2023 to estimate the inventory destroyed in a recent fire. The company’s markup on sales is 35%. The following information is obtained from available records: Inventory, January 1, P700,000; Gross purchases from January 1 to March 31 were P1,500,000, freight-in, P50,000, purchase returns and allowances, P20,000. Gross sales for the same period were P2,280,000, sales returns were P40,000, sales discounts were P15,000, and discounts granted to employees amounted to P57,000. Damaged goods were salvage at P120,000. Cost of goods purchased in transit, P54,000.
How much is the cost of Charlize Manufacturing Company’s inventory at December 31, 2023?
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