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Items 13 to 15 are based on the following: Congo Company has two products with cost and selling price as follows: Product X Product Y
Items 13 to 15 are based on the following: Congo Company has two products with cost and selling price as follows: Product X Product Y Selling price Estimated selling cost Materials and conversion cost General administration cost 2,000,000 600,000 1,500,000 300,000 3,000,000 700,000 1,800,000 800,000 13. At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. The inventory shall be measured at what amount? 14. If this is the subsequent year, and the Allowance for inventory writedown has a beginning balance of P75,000, what is the loss on inventory writedown in the current year? 15. In relation to number 14, what should be presented as Allowance for Inventory Writedown in the Statement of Financial Position as of the end of the current year
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