Question
On December 28, 2010, Cole Manufacturing Co. purchased goods costing P500,000. The terms were FOB Destination and were received by the company on December 31,
On December 28, 2010, Cole Manufacturing Co. purchased goods costing P500,000. The terms were FOB Destination and were received by the company on December 31, 2010. Some of the costs incurred in connection with the sale and delivery of the goods were as follows: Packaging for shipment P10,000 Shipping 15,000 Special handling charges 20,000 In Cole's December 31, 2010 balance sheet, what amount of cost for these goods should be included in inventory
a. P525,000
b. P545,000
c. P500,000
d. P535,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Survey of Accounting
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor
4th edition
77862376, 978-0077862374
