hi, please help to solve these question. It is about accounting for inventories in the merchandising business.

Problem 1 Hayahay Company provided the following information from its accounting records for the year ended, December 31, 2017: Inventory at December 31, 2017 per physical count on this date P 980,000 Accounts Payable at December 31, 2017 586,000 Net Sales (Sales Return less sales return) 10,048,000 Additional Information follows: a. Good held on consignment amounting to P 9,000, were included in the physical count of goods and in Accounts Payable. b. Retailers were holding P 50,000, at cost, goods on consignment from Hayahay, at their stores at year end. C. Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2017. These goods had a cost of P 31,000 and were billed at P 40,000. The shipment was on Hayahay's loading dock waiting to be picked up by the common carrier. d. P 15,000 worth of goods were sold in the last week of 2017 and appropriately recorded as sales of P 21,000. The goods were included in the physical count on December 31, 2017, because the goods were on the loading dock awaiting to be picked up by the customer. e. Goods were in transit from a vendor on December 31, 2017. The invoice cost was P 71,000 and were shipped FOB Shipping Point on December 29, 2017 f. Work in process inventory costing P 30,000 was sent to an outside processor for plating on December 30, 2017 9. Goods returned from a customer and held pending inspection in the returned goods area on December 31, 2017, were not included in the physical count. On January 8, 2018, the tools costing P 32,000 were inspected and returned to inventory and credit memo amounting to P 47,000 were issued to customer on the same date. h. Goods shipped to a customer FOB destination on December 26, 2017, were in transit at December 31, 2017, and had a cost of P 21,000. Upon notification of receipt by the customer on January 2, 2018, Hayahay, issued an invoice for P 42,000. 1. Goods with an invoice oct of P 27,000 were recorded in the receiving report dated January 2, 2018. The goods were not included in the physical count, but it was included in the Accounts Payable at December 31, 2017 j. Goods received from a vendor on December 26, 2017, were included in the physical count. However, the related P 56,000 vendor invoice was not included in the accounts payable at December 31, 2017, because the accounts payable copy of the receiving report was lost. k. On January 3, 2018, a monthly freight bill in the amount of P 6,000 was received. The bill specifically related to merchandise purchased in December 31, 2017, one half of which is still in the inventory at year end. This bill was not yet recorded in either inventory and accounts payable. Based on the above information, answer the following: 1. The adjusted inventory as of December 31, 2017 is a. P1,158,000 b.P 1,119,000 C. P 1,190,000 d. P 1,160,000 2. The adjusted accounts payable as of December 31, 2017 is a. P 710,000 b.P.639,000 C. P 719,000 d. P 633,000 3. The adjusted net sales as of December 31, 2017 is a. P 10,008,000 b. P 10,001,000 C. P 9,919,000 d. P 9,961,000 4. The total amount that was deducted from the unadjusted inventory based on the above audit findings is a. 9,000 b.P 15,000 C. P 24,000 d. P 54,000 5. The total amount that was added to the unadjusted inventory based on the above audit finding a. P 151,000 b. P 183,000 C. P 234,000 d. P 204,000 Problem 2 u were engaged by Snooky Corp. whose main warehouse is in Lipa City, for the audit of its financial statements ending December 31, 2017. The company is in the wholesale business and makes a mark-up of 20% based on sales in all their sales. The following are the unadjusted balances of their accounts related to its inventory in its trial balance. Accounts Receivable P 520,000 Inventory 630,000 Accounts Payable 410,000 DATE 12.28 12.30 12.31 12.31 12.31 PURCHASES REFERENCE Balance Forwarded RR No. 1114 RR No. 1116 RR No. 1117 RR NO. 1118 Closing Entry AMOUNT DATE 1,400,000 12,000 12.27 35,000 12.28 21,000 12.28 32,000 12.31 (1,500,000) 12.31 12.31 12.31 12.31 SALES REFERENCE Balance Forwarded SI No. 1020 SI No. 1021 SI No. 1022 SI No. 1023 SI No. 1024 SI No. 1025 SI No. 1026 Closing Entry AMOUNT 2,600,000 20,000 75,000 5,000 50,000 40,000 34,000 8,000 (2,832,000) You observed the physical inventory of goods in the warehouse on December 31, 2017, and were satisfied that it was properly taken. When performing sales and purchases cut-off test, you found that at December 31, the last Receiving Report (RR) that had been used for goods physically received as of december 31) was No. 1117 and that no shipment has been made ony Sales Invoice (SI) beyond no. 1024. You also obtained the following additional information: a. Not included in the warehouse physical inventory at December 31 were goods which had been purchased and received on RR No. 1115 but were physically segregated awaiting the receipt of the invoice, which was not received until the following year. Cost was P 20,000. b. On the evening of December 31, there were two trucks in the company's warehouse. Goods inside the trucks were not included in the physical count as of December 31: 1. Truck No. APC 321 was unloaded on January 2 of the following year and received on RR. No. 1117. The goods were shipped FOB Destination. 2. Truck No. ULI 341 was loaded and sealed on December 31 but left the company premises only on January 2. This order was sold per Sales Invoice No. 1024. The goods were shipped FOB Shipping Point. C. Sales Invoice no. 1021 pertains to a shipment which was temporarily stranded at December 31 enroute to a client's customer. The client's customer received the goods which were shipped FOB Lipa d. Enroute to the client on December 31 was a truckload of goods from supplier in Batangas were received on RR No. 1119. The goods were shipped FOB Batangas, and freight of P 2,000 was prepaid by the said supplier. Invocie price excluding freight amounted to P 54,000. 1. The correct amount of sales for the year ended, December 31, 2017 is a. P 2,750,000 b. P 2,742,000 c. P 2,675,000 d. P 2,667,000 2. The correct amount of purchases for the year ended, December 31, 2017 is a. P1,488,000 b. P 1,542,000 C.P 1,522,000 d. P 1,574,000 3. The correct inventory balance as of December 31, 2017 is a. P 737,000 b. P 739,000 C. P 757,000 d. P 759,000 4. The correct Accounts Receivable balance as of December 31, 2017 is a. P 446,000 b. P 478,000 C. P 363,000 d. P 438.000 5. The correct Accounts Payable balance as of December 31, 2017 is a. P 454,000 b. P 434,000 C. P 452,000 d. P 432,000 Problem 3 On April 21, 2017, a fire damaged the office and the warehouse of Tanauan Corporation. The only accounting record saved was the general ledger, from which trial balance as of March 31, 2017 below was prepared. CREDIT DEBIT 180,000 400,000 750,000 350,000 1,100,000 413,000 56,000 Cash Accounts Receivable Inventory, December 31, 2016 Land Building Accumulated Depreciation Other Assets Accounts Payable Accrued Expenses Ordinary Share Capital, P 100 par Retained Earnings Sales Purchases Operating Expenses Total 237,000 180,000 1,000,000 520,000 1,350,000 520,000 344,000 3,700,000 3,700,000 The following data and information have been gathered: a. The company's reporting period is calendar period ending December 31 b. An examination of April bank statement and cancelled checks revealed that checks written during the April 1 to 21 totaled P 130,000; P 57,000 paid to Accounts Payable as of March 31; P 34,000 for April merchandise purchases, and P 39,000 paid to other expenses. Deposits during the same period amounted to P 129,500, which consisted of receipts on account from customers with the exception of P 9,500 refund from a vendor for merchandise returned in April. c. Correspondence with suppliers revealed unrecorded obligations at April 21 of P106,000 for April merchandise purchases, including P 23,000 for shipments in transit on that date. d. Customers acknowledged indebtedness of P360,000 at April 21, 2017. It was also estimated that customers owed another P80,000 that will never be acknowledged or recovered. Of the acknowledged indebtedness, P 6,000 will probably be uncollectible. e. The insurance company agreed that the fire loss claim should be based on the assumption that the overall gross profit ratio for the past two years was in effect during the current year. The company's audited financial statements disclosed the following information: 2016 2015 Net Sales 5,300,000 3,900,000 Net Purchases 2,800,000 2,350,000 Beginning Inventory 500,000 660,000 Ending Inventory 750,000 500,000 f. Inventory with the cost of P 70,000 was salvaged and sold for P 35,000. The balance of inventory was a total loss. 1. Sales for the period January 1 to April 21, 2017 is a. P1,430,000 b. P 1,510,000 C. P 1,519,500 d. P 1,506,000 2. Net purchases for the period January 1 to April 21, 2017 is a. P 683,000 b. P 660,000 C. P 673,500 d. P 650,500 3. Cost of Sales for the period January 1 to April 21, 2017 is a. P 786,500 b. P 835,725 c. P 830,500 d. P 828,300 4. Estimated Inventory on April 21, 2017 is a.P. 579,500 b. P 623,500 5. Estimated Inventory fire loss is a. P 579,500 b. P 535,000 c. P 587,775 d. P 570,000 c. P 477,000 d. P 512,000 8:02 E NOTES%20ON%20INVENTORY%20UPLOA a Draw Layout Review View File Home Insert A Problem The following information was taken from the balance sheet of ludah Company December 31, 2017 December 31, 2016 Cash 706,600 200,000 Notes Receivable 0 50.000 Inventory 399,750 Accounts Payable > 2500 All operating anpenses are paid in cash and all purchases are made on account. Judah salk only one product. All sales are cash sales which are made for P 100 per unit. The company purchases 1.500 units of inventory per month and values its inventory usint periodic FIFO. The unit cost of inventory on January 2017 was 65.20 and increased PO 20 per month during the year. During 2017, payments to suppliers totaled P 943,400 and operating expenses totaled P440,000. Ending inventory for 2016 was valued at P 65.00 per unit d. 21,400 1. Number of units sold in 2017 is 18,900 b. 18 400 c. 16.000 2. Total cost of purchases during 2017 is 2. PL.173,600 b. P1,191,600 CP 1,213,200 d. P1,193,400 3. Accounts Payable balance at December 31, 2017 is P791400 b. P 393.400 C.P 400,000 d. P 419,800 4. InventoryQuantity at December 31, 2017 25,750 . 6.550 6.5,250 d. 8.150 5. FIFO Cost of inventory on December 31, 2017 2 P 352,500 b. P 439.230 CP 385.900 d. P 425,810 FH III 0 8:03 D NOTES%20ON%20INVENTORY%20UPLOA a Draw Layout Review View File Home Insert BIU A Problems Jobbike Food Causes perpetua inventory system and assigns cost to inventory on a FIFO basis. Transactions and related information regarding its two bestselling products. Candy Beads and Candy Sugar. The following are Jobbie's data on these inventories for December 2017, the last month of the company's reporting period Candy Beads Candy Sugar Unk of Packaging Case contains 24 x 410 g cans Box containing 12 g bass Inventory. Dec. 1 350 cases at P 196 625 boxes at P 384 Purchases 1. Dec 10 - 200 cases at P 195 per case 1. Dec 3- 150 boxes at P 384.50 per box 2. Dec 19-470 cases at P 197 per case 2. Dec. 15 -200 boxes at P354.50 per box 3. Des 29 - 200 boxes at P 290 per box Purchave terms 2/10/20, FOR Shipping Point n/10 FOB Destination December Sales 73 cales at PAS 950 bees at P400 Returns and Allowances A customer returned to cases that had been as the December 15 purchase was unloaded, 10 shipped in error. The customer's account boxes were discovered damaged. A credit op was credited for p 14,250 3.845 was received by Jobile Physical count at Dec 31 326 cases on hand 15 boxes on hand Coplanation of Variance No explanation found-assume stolen Bowes purchased on December 29 ili in trans Net Reliable Value 290 percase P 385 per box December 31 1. The cost of Candy Beads assumed to be stolen is P2.744 . P 4,050 C.P2,730 d. P 2.758 2. The cost of Candy sugar inventary on December 31, 2017 5.850. P 5,760 . P 5,767 d. P5,775 3. The total cost of Jobille inventory on December 31, 2017 P69,99 b.P 72,747 C.P 77,301 d. P100,315 4. The amount of loss on decine in value of inventory that should be recognized at the end of reporting period * P38,236 b. P 7.910 C.P 30,326 d. Po 5. PAS 2 requires inventory to be stated at the lower of cost or a Fair value b. Net realizable value c Nominal Valve d. Net Selling Price FH III 0 Problem 6 Vangie Company is a manufacturer of small tools. The following information was obtained from he company's financial records for the year ended, December 31, 2017. inventory, December 31, 2017 (Based on the physical count on P 1,870,000 December 31, 2017 Accounts Receivable, December 31, 2017 2,450,000 Accounts Payable, December 31, 2017 1,415,000 Net Sales 9,693,400 Net Purchases 6,734,500 Your audit reveals the following information: a. The physical count included tools to be shipped to a customer on December 31, 2017 under a special sales agreement, "bill and hold". Furthermore, the goods were produced with special specification by the customer. These tools cost P 56,000 and were invoiced and recorded as sales in December at P 67,200. They were segregated awaiting pick up by the customer. b. Goods shipped FOB shipping point by a vendor were in transit on December 31, 2017. The invoice of the said goods which amounted to P 73,000 were received and recorded on January 5, 2018. C. Not included in the physical count were goods returned by the customer on December 31, 2017 These goods costing P 39,000 were inspected and returned to inventory on January 7, 2018 since they were still in sellable condition. Credit memos for P 46,800 were issued to the customers and were recorded at that date. d. In transit to a customer on December 31, 2017, were tools costing P 17,000 shipped FOB destination on December 26, 2017. A sales invocie for P 20,400 was issued and recorded on December 26, 2017 e. At exactly 5 pm on December 31, 2017, goods costing P 29, 600 were received from a vendor. The related invoice was recorded on December 31, 2017 but the goods was not included in the physical count f. Included in the physical count were goods received from a vendor on December 27, 2017 However the related invoice for P 42,000 was not recorded because the accounting department's copy for the receiving report is yet to be received by the office. g. A monthly freight bill of P21,000 was received on January 3, 2018. It is specifically related to merchandise bought on December 31, 2017, one third of which is still in inventory at year end. The freight was only recorded when it was received. 1. The should be inventory balance is a. P1,972,600 b. P 1,979,600 C.P 1,943,000 d. P 1,926,000 2. The Accounts Receivable balance should be a. P 2,450,000 b. P 2,403,200 C. P 2,382,800 d. P 2,352,800 3. The Accounts Payable balance should be a. P1,528,000 b. P 1,560,000 C. P 1,551,000 d. P 1,591,200 4. The net Sales is a. P 9,614,900 b. P 9,596,200 C. P 9,625,600 d. P 9,626,200 5. The net adjustment to Net Income is to decrease by a. P 123,200 b.P 109,200 C. P 93,600 d. P 81,200