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Compute the Cost of Inventory on Dec

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Question - On December 28, 20x1, Entity A purchases goods worth P100,000 on the account. Freight costs amount to P6,000. The seller ships the goods on December 30, 20x1. Entity A receives the shipment on January 2, 20x2, and settles the account on January 5, 20x2. Compute (1) the Cost of Inventory on Dec. 31, 20x1 and (2) Net Cash payment to the supplier on Jan. 5, 20x2.

Reference no: EM133059278

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