1.Bell Inc. took a physical inventory at the end of the year and determined that P 650,000 of goods were on hand. In addition, Bell, Inc. determined that P 50,000 of goods that were in transit that were shipped f.o.b. shipping were actually received two days after the inventory count and that the company had P 75,000 of goods out on consignment. What amount should Bell report as inventory at the end of the year?

a.650,000

b.700,000

c.725,000

d.775,000

2.Central Farm Corporation reported the following lists of biological asset and agricultural produce for the year ended December 31, 2020?

Fair Value

Dairy cattle 3,000,000

Beef cattle 5,000,000

Sheep 2,000,000

Calves on dairy cattle 1,000,000

Calves on beef cattle 1,500,000

Lambs 800,000

Milks on dairy cattle 500,000

Carcass on beef cattle 600,000

Wool 400,000

What amount of biological asset should Central Farm Company report in its December 31, 2020 statement of financial position?

a.P8,000,000

b.P10,000,000

c.P13,300,000

d.P14,800,000

3.Using the same information in number (6), what amount should Central Farm Company report as inventory related to the biological assets?

a.500,000

b.600,000

c.1,100,000

d.1,500,000