Cable Company reviewed its year-end inventory and found the following items: A. A package containing a product costing P81,600 was standing in the shipping area when the physical inventory was conducted. This was not included in the inventory because it was marked "Hold for shipping instructions The purchase order was dated December 19 but the package was shipped and the customer was billed January 2, 2021. B. A special machine, fabricated to order for a particular customer, was finished and in the shipping room on December 30, 2020. The customer, was billed on that date and the machine was excluded in the inventory. The machine costing P230.000 was shipped January 2, 2021 C. Merchandise costing P23,500 was received on January 5, 2021 and the related purchase invoice was recorded January 5, 2021. The invoice showed the shipment was made December 29, 2020. FOB destination. D. Goods costing P150,000 were sold and delivered on December 20, 2020. The sale was accompanied by a repurchase agreement that Cable will "buyback" the inventory in February 2015. ow much is the inventory adjustment on December 31, 20207

Cable Company reviewed its year-end inventory and found the following items: A. A package containing a product costing P81,600 was standing in the shipping area when the physical inventory was conducted. This was not included in the inventory because it was marked "Hold for shipping instructions The purchase order was dated December 19 but the package was shipped and the customer was billed January 2, 2021. B. A special machine, fabricated to order for a particular customer, was finished and in the shipping room on December 30, 2020. The customer, was billed on that date and the machine was excluded in the inventory. The machine costing P230.000 was shipped January 2, 2021 C. Merchandise costing P23,500 was received on January 5, 2021 and the related purchase invoice was recorded January 5, 2021. The invoice showed the shipment was made December 29, 2020. FOB destination. D. Goods costing P150,000 were sold and delivered on December 20, 2020. The sale was accompanied by a repurchase agreement that Cable will "buyback" the inventory in February 2015. ow much is the inventory adjustment on December 31, 20207

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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