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In testing the sales cut-off for ABC Co. for the year ended October 31, 2019 , you find the following information.
In voice
Number FOB Terms
Date Shipped
Recordedate
Sales
Cost
6671
Destination
Oct. 20
Oct. 31
P 3,000
P 2,700
6672
Shipping point
Nov. 2
7,500
6,000
6673
Oct. 25
5,400
3,600
6674
Oct. 29
12,600
9,300
6675
27,600
24,000
6676
Oct. 23
19,500
15,300
6677
Nov. 5
Nov. 6
22,500
17,400
6678
Nov. 3
11,700
6679
Nov. 4
25,800
24,600
6680
15,000
12,000
A physical inventory was taken as of the close of business on October 31, 2019. All customers are within a three-day delivery area of the company's plant. The unadjusted sales and inventory were P7,500,000 and P330,000, respectively.
Question 1: Compute for the correct sales that should be reported in Southgate's profit or loss statement.
Question 2: Compute for the correct balance of Southgate's inventory as of October 31, 2019
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