Solution-What amount of inventory should be reported in the

What amount of inventory should be reported in the June

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Problem - Healer Company's inventory at June 30, 2019 was P840,000 based on a physical count of goods priced at cost before any necessary year-end adjustment relating to the following:

Included in the physical count were goods billed to a customer FOB shipping point on June 30, 2019. These goods costing P20,000 were picked up by the carrier on July 9, 2019.

Goods shipped FOB destination on June 28, 2019 from a vendor to Healer was received on July 2, 2019. The invoice cost was P25,000.

Included in the physical count were goods costing P67,000 on consignment. Healer is a consignee to these goods.

Goods were in transit from a vendor to Healer on June 30, 2019. The invoice cost was P60000 and the goods were shipped FOB shipping point on June 27, 2019. Healer received the goods on July 4, 2019.

Required - What amount of inventory should be reported in the June 30, 2019 Statement of Financial Position?

Reference no: EM132826756

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What amount of inventory should be reported in the June

Reference no: EM132826756

Reference no: EM132826756

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