The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items: *Goods purchased in transit, FOB shipping point, P130,000 *Goods held on consignment, P56,000 *Goods out on approval, at sales price of P32,500 (cost is P25,000) What is the correct amount of inventory at December 31, 2021?
The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items: *Goods purchased in transit, FOB shipping point, P130,000 *Goods held on consignment, P56,000 *Goods out on approval, at sales price of P32,500 (cost is P25,000) What is the correct amount of inventory at December 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...
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The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:
*Goods purchased in transit, FOB shipping point, P130,000
*Goods held on consignment, P56,000
*Goods out on approval, at sales price of P32,500 (cost is P25,000)
What is the correct amount of inventory at December 31, 2021?
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