You checked the records of your client with the following data. Merchandise inventory as per physical count, P2,800,000. Included in the count were the following: Inventory received on consignment from a consignor, P700,000; Freight paid by the consignor, P80,000; Inventory shipped by your client to a consignee, P650,000; and Freight paid by your client on the inventory shipped, P45,000. Compute for the correct amount of merchandise inventory.
You checked the records of your client with the following data. Merchandise inventory as per physical count, P2,800,000. Included in the count were the following: Inventory received on consignment from a consignor, P700,000; Freight paid by the consignor, P80,000; Inventory shipped by your client to a consignee, P650,000; and Freight paid by your client on the inventory shipped, P45,000. Compute for the correct amount of merchandise inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You checked the records of your client with the following data. Merchandise inventory as per physical count, P2,800,000. Included in the count were the following: Inventory received on consignment from a consignor, P700,000; Freight paid by the consignor, P80,000; Inventory shipped by your client to a consignee, P650,000; and Freight paid by your client on the inventory shipped, P45,000. Compute for the correct amount of merchandise inventory.
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