On December 31, 2021, ABC Co. has a balance of ₱240,000 in its inventory account determined through physical count and a balance of ₱90,000 in its accounts payable account. The balances were determined before any necessary adjustment for the following:

a. Segregated goods in the shipping area marked “Bill and hold sale” were included in inventory because shipment was not made until January 4, 2022. The goods were sold to the customer on a “bill and hold” sale for ₱20,000. The cost of the goods is ₱10,000. The goods were already packed and ready for shipment. Both ABC and the buyer acknowledged the shipping term.

b. A package containing a product costing ₱80,000 was standing in the shipping area when the physical inventory was conducted. This was included in the inventory although it was marked “Hold for shipping instructions.” The sale order was dated December 17 but the package was shipped and the customer was billed on January 4, 2022.

c. Merchandise costing ₱10,000, shipped FOB destination from a vendor on December 30, 2021, was received and recorded on January 5, 2022.

d. Goods shipped F.O.B. shipping point on December 27, 2021, from a vendor to ABC Co. were received on January 6, 2022. The invoice cost of ₱30,000 was recorded on December 31, 2021 and included in the count as “goods in-transit.”

How much is the adjusted balance of inventory?

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