1. XYZ Co. had the following credit sales in the last week of December 20x1:

* Sold goods worth P 550,000 under FOB shipping point on December 27, 20x1. The goods were shipped on December 30, 20x1 and received by the customer on January 2, 20x2.

* Sold goods worth P 680,000 under FOB destination on December 28, 20x1. The goods were shipped on December 29, 20x1 and received by the customer on January 3, 20x2.

• Requirement: Compute for the amount of receivable to be included in XYZs December 31, 20x1 financial statements.