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What corrected balance of pangasinan''s inventory should be

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Reference no: EM132795480

The physical inventory of Pangasinan Company on December 31, 2009, showed merchandise with a cost of P4,000,000 was on hand at that date. You also discovered the following items were all excluded from the count:

a. Merchandise costing P160,000, which was held by Pangasinan on consignment. The consignor is a subsidiary.

b. A special machine, fabricated to order for a customer costing P400,000, was finished and specifically segregated in the back part of the shipping room on December 31, 2009. The customer was billed on that date and the machine excluded from the inventory although it was shipped on January 4, 2010.

c. Merchandise costing P80,000, which was shipped by Pangasinan FOB destination to a customer on December 31, 2009. The customer expects to receive the merchandise on January 3, 2010.

d. Merchandise costing P120,000 which was shipped by Pangasinan FOB shipping point to a customer on December 29, 2009.

e. Merchandise costing P50,000 shipped by a vendor FOB shipping point on December 28, 2009 and received by Pangasinan on January 10, 2010.

Problem 1: The corrected balance of Pangasinan's inventory should be?

Reference no: EM132795480

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