ROBLEM 3-22 Correcting Physical Inventory Count your audit of the RABBIT, INC., you find that a physical inventory count on December 31, 2018, showed herchandise costing P463,000 was on hand at that date. Your examination reveals the following items were all xcluded from the inventory per count. Merchandise of P20,000 which is held on consignment. Goods costing P39,500 that were shipped FOB shipping point on December 31, 2018. These goods were elivered to the customer on January 6, 2019. Goods costing P 16,800 that were shipped FOB destination to a customer on December 29, 2018. The customer eceived these goods on January 2, 2019. Merchandise costing P 76,150 shipped by a seller FOB destination on December 28, 2018, and received by abbit, Inc. on January 3, 2019. Goods costing P 16,500 shipped by a vendor FOB seller on December 31, 2018, and received by Rabbit, Inc. on anuary 4, 2019. What is the amount that should appear on Rabbit, Inc.'s statement of financial position as inventory at December 31, 018?
ROBLEM 3-22 Correcting Physical Inventory Count your audit of the RABBIT, INC., you find that a physical inventory count on December 31, 2018, showed herchandise costing P463,000 was on hand at that date. Your examination reveals the following items were all xcluded from the inventory per count. Merchandise of P20,000 which is held on consignment. Goods costing P39,500 that were shipped FOB shipping point on December 31, 2018. These goods were elivered to the customer on January 6, 2019. Goods costing P 16,800 that were shipped FOB destination to a customer on December 29, 2018. The customer eceived these goods on January 2, 2019. Merchandise costing P 76,150 shipped by a seller FOB destination on December 28, 2018, and received by abbit, Inc. on January 3, 2019. Goods costing P 16,500 shipped by a vendor FOB seller on December 31, 2018, and received by Rabbit, Inc. on anuary 4, 2019. What is the amount that should appear on Rabbit, Inc.'s statement of financial position as inventory at December 31, 018?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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