3. Presented below is Seduco Company's December 31, 2021 balance sheet: Goods out on consignment at another company's store P 800,000 |Goods purchased in transit, Free Alongside, including delivery cost alongside the vessel of P2,000 but excluding the cost of shipment of 80,000 P1,000 Goods purchased FOB shipping point that are in transit at December 31 120,000 Goods purchased FOB destination that are in transit at December 31 200,000 Goods sold and delivered on December 20. The goods were included in the inventory because the sale was accompanied by a purchase agreement requiring Seduco to buy back the inventory on February 2022 500,000 Goods sold FOB shipping point that are in transit December 31 120,000 Freight charges on goods purchased, FOB shipping point 80,000
3. Presented below is Seduco Company's December 31, 2021 balance sheet: Goods out on consignment at another company's store P 800,000 |Goods purchased in transit, Free Alongside, including delivery cost alongside the vessel of P2,000 but excluding the cost of shipment of 80,000 P1,000 Goods purchased FOB shipping point that are in transit at December 31 120,000 Goods purchased FOB destination that are in transit at December 31 200,000 Goods sold and delivered on December 20. The goods were included in the inventory because the sale was accompanied by a purchase agreement requiring Seduco to buy back the inventory on February 2022 500,000 Goods sold FOB shipping point that are in transit December 31 120,000 Freight charges on goods purchased, FOB shipping point 80,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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