Reference no: EM132835301
Yellow Company reported the December 31, 2020 year-end inventory balance at P2,500,000 (based on physical count in the warehouse on January 3, 2020). The following information have been provided to determine the accuracy of this balance:
1. Goods shipped to Yellow, F.O.B. destination, on December 28, 2020 were received in the warehouse on January 2, 2021. Invoice cost of these goods is P300,000.
2. At year-end, the entity held merchandise (with invoice cost of P250,000) on consignment from another entity. This is included in the warehouse on the date of count.
3. On December 27, 2020, merchandise with cost of P100,000 was shipped to a customer, F.O.B. shipping point and arrived at the customer's port on January 2, 2021.
4. At year-end, the entity had merchandise costing P150,000 out on consignment with another entity. This remained with the consignee on the date of count.
Problem 1: What amount of inventory shall Yellow Company report on December 31, 2020?
Option 1: 2,400,000
Option 2: 2,500,000
Option 3: 2,100,000
Option 4: 2,200,000
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