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Determine what amount reported as inventory on december

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Reference no: EM132691029

Mary Company reported inventory on December 31, 2020 at P1,500,000 based on a physical count period priced at cost and before any necessary adjustment for the following:

  • Merchandise costing P90,000, shipped FOB Shipping point from a vendor on December 30, 2020 was received and recorded on January 5, 2021.
  • Goods in shipping area were excluded from inventory although shipment was not made until January 4, 2021. The goods billed to the customers FOB Shipping point on December 30, 2020 had a cost of P120,000.

Problem 1: What amount should be reported as inventory on December 31, 2020?

Reference no: EM132691029

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