Reference no: EM132842041
Question - On December 31, 2020, Eli has inventory on hand valued at a cost amounting to P1,895,000. The company's selling price is 150% of cost. The following items were not included in the inventory.
a. Goods out on consignment with a sales price of P180,000. Shipping cost to consignee is P15,000.
b. Goods still in transit purchased FOB destination with invoice price of P300,000. Freight cost, P30,000.
c. Goods in transit sold FOB destination with invoice price of P245,000 which includes freight charge of P20,000 to deliver the goods.
d. Goods held on consignment by Eli at a sales price of P100,000, excluding a 20% commission on the sales price. Freight paid by Eli is P10,000.
e. Goods in transit purchased FOB shipping point, with price of P150,000. Freight cost of P25,000 was prepaid by the supplier.
Required - What is the correct amount of Eli's Inventory on December 31, 2020?
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