Your client, Mang Kanor Corporation, conducted an early inventory count in its warehouse on December 29, 2018 and prepared a schedule of cost of goods sold as follows: Mang Kanor Corporation Schedule of Cost of Goods Sold For the period ended December 31, 2018 Beginning Inventory 546,500 Net purchases 4,900,000 Total Goods available for sale 5,446,500 Less: Ending Inventory per count 600,500 Cost of Goods sold 4,846,000 Audit Notes: Goods costing 54,000 were received on December 30,2018. The related invoice with term FOB Destination was recorded on December 29, 2018. Goods out on consignment to Sellers Company, P120,000 are found based on the consignee’s records and it shows that 75% are still unsold. A purchase was recorded on Dec 31, 2018 for goods that were received on January 3, 2019. The cost of the good is P25,200 and the term is FOB Destination. The related invoice for goods received on January 2, 2019 were not recorded. The term is FOB shipping point and the cost of the goods is 15,000. The shipment was made on December 29, 2018. Goods costing 30,000 invoiced at 50,000 were shipped to a customer FOB shipping point on December 31, 2018. The unadjusted balance of accounts payable on December 31, 2018 is 435,500. How much is the adjusted cost of goods sold? *

Your client, Mang Kanor Corporation, conducted an early inventory count in its warehouse on December 29, 2018 and prepared a schedule of cost of goods sold as follows: Mang Kanor Corporation Schedule of Cost of Goods Sold For the period ended December 31, 2018 Beginning Inventory 546,500 Net purchases 4,900,000 Total Goods available for sale 5,446,500 Less: Ending Inventory per count 600,500 Cost of Goods sold 4,846,000 Audit Notes: Goods costing 54,000 were received on December 30,2018. The related invoice with term FOB Destination was recorded on December 29, 2018. Goods out on consignment to Sellers Company, P120,000 are found based on the consignee’s records and it shows that 75% are still unsold. A purchase was recorded on Dec 31, 2018 for goods that were received on January 3, 2019. The cost of the good is P25,200 and the term is FOB Destination. The related invoice for goods received on January 2, 2019 were not recorded. The term is FOB shipping point and the cost of the goods is 15,000. The shipment was made on December 29, 2018. Goods costing 30,000 invoiced at 50,000 were shipped to a customer FOB shipping point on December 31, 2018. The unadjusted balance of accounts payable on December 31, 2018 is 435,500. How much is the adjusted cost of goods sold? *

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Your client, Mang Kanor Corporation, conducted an early inventory count in its warehouse on December 29, 2018 and prepared a schedule of cost of goods sold as follows:

Mang Kanor Corporation

Schedule of Cost of Goods Sold

For the period ended December 31, 2018

Beginning Inventory 546,500

Net purchases 4,900,000 Total Goods available for sale 5,446,500

Less: Ending Inventory per count 600,500

Cost of Goods sold 4,846,000

Audit Notes:

Goods costing 54,000 were received on December 30,2018. The related invoice with term FOB Destination was recorded on December 29, 2018.
Goods out on consignment to Sellers Company, P120,000 are found based on the consignee’s records and it shows that 75% are still unsold.
A purchase was recorded on Dec 31, 2018 for goods that were received on January 3, 2019. The cost of the good is P25,200 and the term is FOB Destination.
The related invoice for goods received on January 2, 2019 were not recorded. The term is FOB shipping point and the cost of the goods is 15,000. The shipment was made on December 29, 2018.
Goods costing 30,000 invoiced at 50,000 were shipped to a customer FOB shipping point on December 31, 2018.
The unadjusted balance of accounts payable on December 31, 2018 is 435,500.

How much is the adjusted cost of goods sold? *

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