On December 28, 2020, Kerr Company purchased goods costing P500,000.The terms were F.O.B. destination.Some of the costs incurred in connection with the sale and delivery of the goods were as follows:

Packaging for shipment 10,000

Shipping 15,000

Special handling charges 25,000

These goods were received on December 31, 2020.

In the December 31, 2020 balance sheet, what amount of cost for these goods should be included in inventory?

Answer rating: 100% (QA)

To determine the amount of cost for the goods that should be included in inventory on the December 3... View the full answer