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What is the cost of inventory to be shown

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Question - The High Co. in its balance sheet as of December 31, 2019 has an inventory the amount of P176,000 which consists of:

Direct materials P55,000

Direct materials purchases in transit, FOB destination 12,000

Direct materials purchases in transit, FOB shipping point 9,000

Prepaid insurance on inventory 2,000

Work-in-process 38,000

Finished goods 45,000

Goods shipped on consignment, at selling price with 20% profit on sales 15,000

Required - What is the cost of inventory to be shown in the statement of financial position of High Co. as of December 31, 2019?

Reference no: EM132540794

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