1.) Alca Companys inventory at June 30, 2020 was P 750,000 based on a physical count of goods priced at cost and before any necessary year-end adjustment relating to the following:

Included in the physical count were goods billed to a customer FOB shipping point on June 30, 2020. These goods costing P 15,000 were picked up by the carrier on July 9, 2020.

Goods shipped FOB destination on June 28, 2020 from a vendor to Alca was received on July 1, 2020. The invoice cost was P 25,000.

What amount should Alca report as inventory in its June 30, 2020 statement of financial position?

Group of answer choices

P 765,000

P 735,000

P 750,000

P 740,000

2.)The inventory on hand at December 31, 2020 for Conrad Company is valued at a cost of P 947,800. The following items were not included in this inventory amount:

1. Purchased goods in transit, shipped FOB destination. Invoice price P 32,000, which includes freight charges of P 1,600.

2. Goods held on consignment by Conrad at a sales price of P 28,000, including sales commission of 20% of the sales price.

3. Goods sold to Ube Company, under terms FOB destination, invoiced for P 24,400 which includes P 1,000 freight charges to deliver the goods. The goods are in transit.

4. Purchased goods in transit, terms FOB shipping point. Invoice price P 48,000. Freight costs, P 3,000.

5. Goods out on consignment to Can Company, sales price, P 36,400. Shipping cost of P 2,000.

Mark-up on cost for all sales is 30%.

What is the correct cost of inventory to be reported in Conrads financial statements?

Group of answer choices

a. P 1,041,000

b. P 1,078,800

c. P 1,046,800

d. P 1,022,400

PLEASE PROVIDE SOLUTION