1Question 7 of 45Ram company provided the following information at the end of current year:> Finished goods in storeroom, at cost, including overhead of P400,000 or 20% - P2,000,000> Finished goods in transit, including freight charge of P20,000, FOB shipping point - P250,000> Finished goods held by salesmen, at selling price, cost, P100,000 - P140,000> Goods in process, at cost of materials and direct labor - P720,000> Materials - P1,000,000> Materials in transit, FOB destination - P50,000> Defective materials returned to suppliers - P100,000> Shipping supplies - P20,000> Gasoline and oil for testing finished goods - P110,000> Machine lubricants - P60,000artsmentsencesSsorsWhat is the correct amount of inventory?Select the correct response:entsP4,000,000pusP4,170,000ursesP4,110,000S1232ndP4,210,000ster022)( Dre

amount of inventory = FG + cost + goods in process +material + factory supplies

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Business

Accounting

Vhat is the correct amount of inventory?

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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