The physical inventory of Nahmany Inc. as of December 26, 2016, totalled P945,000. In trying to...

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The physical inventory of Nahmany Inc. as of December 26, 2016, totalled P945,000. In trying to establish the December 31 inventory, you noted the following transactions from December 27 to December 31, 2016. Sales (30% markup on cost) Credit memos issued: For goods returned on: December 15 December 20 December 29 For goods delivered to customers not in accordance with specifications Credit memos received: For goods returned on: December 10 December 26 December 28 Purchases: Placed in stock In transit, FOB shipping point In transit, FOB destination What is the inventory balance on December 31, 2016? P390,000 10,800 18,000 15,600 3,600 5,400 4,200 6,000 90.000 124,500 39,000 The physical inventory of Nahmany Inc. as of December 26, 2016, totalled P945,000. In trying to establish the December 31 inventory, you noted the following transactions from December 27 to December 31, 2016. Sales (30% markup on cost) Credit memos issued: For goods returned on: December 15 December 20 December 29 For goods delivered to customers not in accordance with specifications Credit memos received: For goods returned on: December 10 December 26 December 28 Purchases: Placed in stock In transit, FOB shipping point In transit, FOB destination What is the inventory balance on December 31, 2016? P390,000 10,800 18,000 15,600 3,600 5,400 4,200 6,000 90.000 124,500 39,000

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To calculate the inventory balance on December 31 2016 we need to account for the various transactio... View the full answer