Question: Problem 10-2 and 10-3. With clear formatting and explanation please. ASAP. Thank you Problem 10-2 (LAA) Natal Company provided the following information: 1,400,000 Materials 200,000

Problem 10-2 and 10-3. With clear formatting and explanation please. ASAP. Thank you

Problem 10-2 and 10-3. With clear formatting and explanation please. ASAP. Thank

Problem 10-2 (LAA) Natal Company provided the following information: 1,400,000 Materials 200,000 Advance for materials ordered 650,000 Goods in process 60,000 Unexpired insurance on inventories 150,000 Advertising catalogs and shipping cartons 2,000,000 Finished goods in factory Finished goods in company-owned retail store, 750,000 including 50% profit on cost Finished goods in hands of consignees including 400,000 40% profit on sales Finished goods in transit to customers, shipped FOB 250,000 destination at cost Finished goods out on approval, at cost 100,000 Unsalable finished goods, at cost 50,000 Office supplies 40,000 Materials in transit shipped FOB shipping point, excluding freight of P30,000 330,000 Goods held on consignment, at sales price, cost P150,000 200,000 Required: Compute the correct amount of inventory. Problem 10-3 (LAA) Luminous Company provided the following information at current year-end: Finished goods in storeroom, at cost including overhead of P400,000 2,000,000 Finished goods in transit, including freight charge of P20,000, FOB shipping point 250,000 Finished goods held by salesmen, at selling price, cost, P100,000 140,000 Goods in process, at cost of materials and direct labor Materials 720,000 Materials in transit, FOB destination 1,000,000 Defective materials returned to suppliers for replacement 50,000 Shipping supplies 100,000 Gasoline and oil for testing finished goods 20,000 Machine lubricants 110,000 Required: 60,000 Compute cost of inventory at current year-end

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