User Account

All Pages

Find what amount should be reported as inventory on december

Assignment Help Financial Accounting
Reference no: EM132667165

Sam Company's inventory at December 31, 2020 was P1,000,000 based on physical count priced at cost & before any necessary adjustment for the following:

  1. Goods held on consignment on December 31, 2020, P200,000.
  2. Goods in the shipping area were excluded from inventory although shipment was not made until January 2, 2021. The goods, billed to the customer FOB shipping point on December 30, 2020had a cost of P500,000. 
  3. Goods costing P300,000, shipped FOB destination from a vendor on December 30, 2020 was received & recorded on January 5, 2021.

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

Group of answer choices

Option 1: 1,200,000

Option 2: 1,600,000

Option 3: 1,800,000

Option 4: 1,500,000

Reference no: EM132667165

Questions Cloud

Application of triple bottom line principles : Assess the degree to which a company actually participates in a sustainable triple bottom line business practice.
Analyze group processes and stages of formation : In your role, you must understand group processes and stages of formation, as this will help you develop groups and determine an individual's appropriateness.
What amount should be recognized as accounts payable on feb : On February 28, 2021, the price of the gold is P340 per ounce. What amount should be recognized as accounts payable on February 28, 2021?
Study-innovation at ikea : Redecorating and renovating have become a popular international pastime. In a world facing persistent terrorist alerts and lagging economies
Find what amount should be reported as inventory on december : What amount should be reported as inventory on December 31, 2020? Sam Company's inventory at December 31, 2020 was P1,000,000 based on physical count priced.
Apply relevant information underlying goal setting : Demonstrate the ability to analyze and apply relevant information underlying goal setting, job-related task criteria, and business decision making
Explain trauma informed care in detail : Explain Trauma Informed Care in detail. How you can use Trauma Informed Care to assist a child who has been impacted by trauma?
Formulate the LP model for given problem : Formulate the LP model for this problem and Create the spreadsheet model and use Solver to solve the problem - next production period and Electrotech wants
How assessment is similar and dissimilar at macro level : Describe the assessment process as related to individuals and families. Compare how assessment is similar and dissimilar at the macro level.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd