The balance in Vloom Company's inventory account on December 31, 2019 was P1,225,000 before the following...

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The balance in Vloom Company's inventory account on December 31, 2019 was P1,225,000 before the following information was considered: (a) Goods shipped FOB destination, on December 20, 2019 from a vendor to Vloom were lost in transit. The invoice cost of P45,000 was not recorded by Vloom. On December 28, 2019, Vloom notified the vendor of the lost shipment. (b) Goods were in transit from a vendor to Vloom on December 31, 2019. The invoice cost was P60,000, and the goods were shipped FOB shipping point on December 28, 2019. Vloom received the goods on January 4, 2020, What amount of inventory should be reported in the December 31, 2019 Statement of Financial Position? * Your answer The balance in Vloom Company's inventory account on December 31, 2019 was P1,225,000 before the following information was considered: (a) Goods shipped FOB destination, on December 20, 2019 from a vendor to Vloom were lost in transit. The invoice cost of P45,000 was not recorded by Vloom. On December 28, 2019, Vloom notified the vendor of the lost shipment. (b) Goods were in transit from a vendor to Vloom on December 31, 2019. The invoice cost was P60,000, and the goods were shipped FOB shipping point on December 28, 2019. Vloom received the goods on January 4, 2020, What amount of inventory should be reported in the December 31, 2019 Statement of Financial Position? * Your answer

Answer rating: 100% (QA)

Beginning inventory balance December 31 2019 P1225000 Add Lost shipment not recor... View the full answer