Solution-Which items were not included in the inventory

Which items were not included in the inventory amount

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Reference no: EM132727056

Problem 1: The inventory on hand at December 31, 2020 for Conrad Company is valued at a cost of P 947,800. The following items were not included in this inventory amount:

Option 1: Purchased goods in transit, shipped FOB destination. Invoice price - P 32,000, which includes freight charges of P 1,600.

Option 2: Goods held on consignment by Conrad at a sales price of P 28,000, including sales commission of 20% of the sales price.

Option 3: Goods sold to Ube Company, under terms FOB destination, invoiced for P 24,400 which includes P 1,000 freight charges to deliver the goods. The goods are in transit.

Option 4: Purchased goods in transit, terms FOB shipping point. Invoice price - P 48,000. Freight costs, P 3,000.

Option 5: Goods out on consignment to Can Company, sales price, P 36,400. Shipping cost of P 2,000.Mark-up on cost for all sales is 30%.

Reference no: EM132727056

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Which items were not included in the inventory amount

Reference no: EM132727056

Reference no: EM132727056

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