Question
On December 28, 2021, Hi-Top Company purchased goods costing P1,000,000. The terms were FOB Shipping point. The following costs were incurred in connection with the
On December 28, 2021, Hi-Top Company purchased goods costing P1,000,000. The terms were FOB Shipping point.
The following costs were incurred in connection with the sale and delivery of the goods:
Packaging for shipment P20,000
Shipping 30,000
Special handling charges 40,000
These goods were received on December 31, 2021.
In Hi-Top's December 31, 2021 statement of financial position, how much of these goods should be included in inventory?
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
14th Edition
1119707110, 978-1119707110
