Exercise 5-4: PROBLEM SOLVING 1. Inventory Cost. Lester Company provides the following data with respect to its inventory: Goods counted in the warehouse Goods included in the count specifically segregated per sales contract Goods in the receiving department, returned by customer, in good condition Goods ordered and in the receiving department, invoice not received Goods ordered, invoice received but goods not received. Freight paid by seller Goods shipped today, invoice mailed, FOB shipping point Goods shipped today, invoice mailed, FOB shipping destination Goods currently being used for window display Goods in the counter for sale Goods in the receiving department, refused by us because of damage Goods included in count, damaged and unsalable Goods in the shipping department P1,000,000 25,000 12,500 100,000 75,000 62,500 38,000 50,000 200,000 45,000 12,500 67,500 Compute the correct amount of inventory. 2. Gross and Net Method. Patient Retailers purchased merchandise with a list price of P150,000, subject to a trade discount of 15 percent and credit terms of 2/10, n/30. At what amount should Patient record the cost of this merchandise if the gross method is used? 3. Shipping Terms and Inventoriable Cost. Super Sale Club reported inventory of P36,400 at December 31, 2020, end of its fiscal year. You discovered that the inventory amount included the following: . Merchandise costing P3,700 ordered on December 22, 2020; shipped to the company FOB destination and arrived on January 2, 2021. Merchandise costing P4,800 held on consignment. Merchandise costing P6,200 ordered from a supplier on December 26, 2020; shipped FOB shipping point on December 28 but had not arrived by December 31. Merchandise costing P5,900 ordered by a customer on December 27, 2019; shipped FOB destination on December 29, 2020 for arrival at the customer's warehouse on January 5, 2021. . Compute the correct amount of inventory to be reported in Super Sale's December 31, 2020 statement of financial position