22. Tender Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31,2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2019.

What amount was received from the note receivable discounting?

23. Tender Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. On September 30, 2019, the entity discounted without recourse the note at 15%. However, the proceeds were not received until October 1, 2019.

What amount should be reported as loss on note receivable discounting?

24. Stevenson Company used the retail inventory method to estimate inventory:

COSTRETAIL

Beginning inventory700,0001,000,000

Purchases4,100,0006,300,000

Net markups700,000

Net markdown500,000

Sales6,600,000

Estimated normal shoplifting losses200,000

Under the conventional retail method, what is the estimated cost of ending inventory?

25. Mary Company reported inventory on December 31, 2020 at P1,500,000 based on a physical count period priced at cost and before any necessary adjustment for the following:

Merchandise costing P90,000, shipped FOB Shipping point from a vendor on December 30, 2020 was received and recorded on January 5, 2021.

Goods in shipping area were excluded from inventory although shipment was not made until January 4, 2021. The goods billed to the customers FOB Shipping point on December 30, 2020 had a cost of P120,000.

What amount should be reported as inventory on December 31, 2020?

26. Rommel Company included the following in inventory at year-end:

Merchandise out on consignment, at sale price, including 40%

Markup on selling price400,000

Goods purchased in transit shipped FOB shipping point360,000

Goods held on consignment by Rommel Company270,000

By what amount should be the inventory be reduced?