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How much inventory should be reported on december

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Reference no: EM132969775

Violet Company reported inventory at P4,500,000 on December 31, 2021, based on a physical count of goods priced at cost and before to any required year-end adjustments related to the following:

  • Goods invoiced to a customer FOB shipping point on December 29, 2021 were included in the physical count. These goods were P500,000 in cost and were picked up by the carrier on January 5, 2022.
  • Goods shipped FOB shipping point from a vendor to Violet Company on December 27, 2021, were received and recorded on January 3, 2022. The invoice cost amounted to P250,000.

Problem 1: On December 31, 2021, how much inventory should be reported?

 

Reference no: EM132969775

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