Alca Company’s inventory at June 30, 2020 was P 750,000 based on a physical count of goods priced at cost and 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, 2020. These goods costing P 15,000 were picked up by the carrier on July 9, 2020.

· Goods shipped FOB destination on June 28, 2020 from a vendor to Alca was received on July 1, 2020. The invoice cost was P 25,000.

What amount should Alca report as inventory in its June 30, 2020 statement of financial position?

Answer rating: 100% (QA)

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