Intermediate Accounting Inventories Show Complete Solution and Explain Question 45 Violet Company reported inventory at P4,500,000 on December 31, 2021, based on a physical count of goods priced at cost and before to any required year end adjustments related to the following Goods invoiced to a customer FOB shipping point on December 29, 2021 were included in the physical count These goods were P500,000 in cost and were picked up by the carrier on January 5, 2022 Goods shipped FOB shipping point from a vendor to Violet Company on December 27, 2021, were received and recorded on January 3, 2022 The invoice cost amounted to P250,000 On December 31, 2021, how much inventory should be reported

The Answer is in the image, click to view ...

Question: Intermediate Accounting Inventories - Show Complete Solution and Explain: Question 45 Violet Company reported inventory at P4,500,000 on December 31, 2021, based on a physical

Intermediate Accounting Inventories - Show Complete Solution and Explain:

Question 45

Violet Company reported inventory at P4,500,000 on December 31, 2021, based on a physical count of goods priced at cost and before to any required year-end adjustments related to the following:

Goods invoiced to a customer FOB shipping point on December 29, 2021 were included in the physical count. These goods were P500,000 in cost and were picked up by the carrier on January 5, 2022.
Goods shipped FOB shipping point from a vendor to Violet Company on December 27, 2021, were received and recorded on January 3, 2022. The invoice cost amounted to P250,000.

On December 31, 2021, how much inventory should be reported?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Intermediate Accounting Inventories - Show Complete Solution and Explain: ? Question 45 Violet Company reported inventory at P4,500,000 on December 31, 2021, based on a physical count of goods...

JETRO CORPORATION Unadjusted Trial Balance As Of December 31, 2019 DEBIT CREDIT P 380,000.00 2,000,000.00 1,260,000.00 239,200.00 150,000.00 140,000.00 2,490,000.00 357,000.00 440,000.00 920,000.00...

1)Kaye's Kitchenware has a market/book ratio equal to 1. Its stock price is $15 per share and it has 4.8 million shares outstanding. The firm's total capital is $115 million and it finances with only...

Accounting Exam. There are 30 questions of filling out balance sheets or cash flows. I wanted to ask this question in the advanced question tab, but I no longer have access to it. I don't have a clue...

11i16i21, 8:12 PM Homework Assignment 3 - Ch 2-Phuong Ha Student: Phuong Ha Instructor: Suzanna Karam Singh Assignment: Homework Assignment 3 - Date: 11/16/21 Course: ACCT1036 (3) Ch 2 1. Your...

$ millions for Research In Motion and Apple. 4-9, Nokia, Research in Motion, and Apple are competitors in the global marketplace. Key comparative figures for each company follow. Nokia* . . . . . . ....

I need help for those question . E4.16 E18.4 E19.7 P22.4 E23.4 E18.10 E22.10 CHAPTER 4 EXERCISES: SET B E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as...

Each separate response must have approximately 200 words. Assignments vary widely; however, essays should be written in APA style, with in-text citations and a separate reference listing as...

Suppose the president of the company in the previous problem stated that the company should increase the amount of debt in its capital structure because of the tax-advantaged status of its interest...

1. Sales from MOCI companies at the end of 2021 were recorded at $ 101,000. COGS is $78,000. The net income the company made is $ 50,000. The company's total assets are $ 130,000. Company liabilities...

An analysis that explains dfferences between the checking account balance according to the depositor's records and the balance reported on the bank statement is aink Multiple Choice Anstpis of debits...

Free cash flow valuation You are evaluating the potential purchase of a small business with no debt or preferred stock that is currently generating $ 4 2 , 7 0 0 of free cash flow ( F C F 0 = $ 4 2 ,...