VACCINATION Company conducted a physical count on December 31 2021, which revealed total cost of P4,500,000. However, the following items were excluded from the count. Goods gave to a customer for approval -- P200,000. A packing case containing a product standing in the shipping room when the physical count was taken was not included in the inventory because it was marked "hold for shipping instructions" -- P80,000. Goods processed held by an outside processor for further processing -- P300,000. Goods shipped by a vendor FOB Destination on December 28, 2021 and receivd by Vaccination Company on January 10, 2022 -- P50,000. Whatis the correct inventory on December 31, 2021?
VACCINATION Company conducted a physical count on December 31 2021, which revealed total cost of P4,500,000. However, the following items were excluded from the count. Goods gave to a customer for approval -- P200,000. A packing case containing a product standing in the shipping room when the physical count was taken was not included in the inventory because it was marked "hold for shipping instructions" -- P80,000. Goods processed held by an outside processor for further processing -- P300,000. Goods shipped by a vendor FOB Destination on December 28, 2021 and receivd by Vaccination Company on January 10, 2022 -- P50,000. Whatis the correct inventory on December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
VACCINATION Company conducted a physical count on December 31 2021, which revealed total cost of P4,500,000.
However, the following items were excluded from the count.
Goods gave to a customer for approval -- P200,000.
A packing case containing a product standing in the shipping room when the physical count was taken was not included in the inventory because it was marked "hold for shipping instructions" -- P80,000.
Goods processed held by an outside processor for further processing -- P300,000.
Goods shipped by a vendor FOB Destination on December 28, 2021 and receivd by Vaccination Company on January 10, 2022 -- P50,000.
Whatis the correct inventory on December 31, 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education