Question
Jungkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped
Jungkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. Jungkook Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid?
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Auditing A Practical Manual For Auditors
Authors: Lawrence Robert Dicksee
1st Edition
1360462546, 978-1360462547
