Uptown Company used the perpetual method to record inventory transactions for the current year. Inventory Sales Sales return Cost of goods sold Inventory losses 1,900,000 6,500,000 150,000 4,600,000 120,00 In the latter part of the year, the entity recorded a P150,000 credit sale of goods costing P100,000. These goods were sold on FOB destination terms and were in transit at year-end and were included in the physical count.

Uptown Company used the perpetual method to record inventory transactions for the current year. Inventory Sales Sales return Cost of goods sold Inventory losses 1,900,000 6,500,000 150,000 4,600,000 120,00 In the latter part of the year, the entity recorded a P150,000 credit sale of goods costing P100,000. These goods were sold on FOB destination terms and were in transit at year-end and were included in the physical count.

Name: Any inventory writedown is not yet recorded.Problem 12-15 (IFRS)Uptow
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Description: Any inventory writedown is not yet recorded.Problem 12-15 (IFRS)Uptown Company used the perpetual method to recordinventory transactions for the current year.InventorySalesSales returnCost of goods soldInventory losses1,900,0006,500,000150,0004,600,

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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