PLEASE ANSWER AND CHOOSE THE CORRECT ANSWER FOR THIS 3 GIVEN PROBLEMS.
What is the adjusted cost of the inventory on December 31, 2012?* The inventory on hand on December 31, 2012 for Fancy Company is valued at a cost of P950,000. The following items were not included in this inventory amount Item 1: Purchased goods in transit, shipped FOB destination, invoice price P30,000 which includes freight charge of P1,500. Item 2: Goods held on consignment by Fancy Company at a sales price of P28,000, including sales commission of 20% of the sales price. Item 3: Goods sold to Ganda Company, under terms FOB destination, invoiced for P18,500 which includes P1,000 freight charge to deliver the goods. Goods are in transit. The entity's selling price is 140% of cost. Item 4: Purchased goods in transit, terms FOB shipping point, invoice price P50,000, freight cost, P2,500. Item 5: Goods out on consignment to Mandy Company, sales price P35,000, shipping cost of P2,000. What is the adjusted cost of the inventory on December 31, 2012? 1,043,000 1,073,500 1,040,000 1,042,000What is the correct inventory on December 31, 2012? * The physical count conducted in the warehouse of Leticia Company on December 31, 2012 revealed total cost of P3,600,000. However, the following items were excluded from the count - Goods sold to a customer which are being held for the customer to call for at the customer's convenience with a cost of P200,000. A packing case containing a product costing P80,000 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked "hold for shipping instructions". Goods in process costing P300,000 held by an outside processor for further processing. Goods costing P50,000 shipped by a vendor FOB seller on December 28, 2012 and received by Leticia Company on January 10, 2013. What is the correct inventory on December 31, 2012? O 3,980,000 4,180,000 4,230,000 4,030,000 Using the gross profit method, the estimated cost of goods sold for 2005 should beWhat is the correct amount of inventory? * Deling Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from accounting records on December 31, 2012 are as follows: Inventory on December 31 based on physical count Accounts payable 1,250,000 Sales 1,000,000 9.000,000 A. Parts held on consignment from another entity to Deling, the consignee, amounting to P165,000, were included in the physical count on December 31, 2012, and in accounts payable on December 31, 2012. B P20,000 of parts which were purchased and paid for in December 2012, were sold in the last week of 2012 and appropriately recorded as sales of P28,000. The parts were included in the physical count on December 31, 2012 because the parts were on the loading dock waiting to be picked up by the customer. C. Parts in transit on December 31, 2012 to customers, shipped FOB shipping point on December 28, 2012, amounted to P34,000. The customers received the parts on January 6, 2013. Sales of P40,000 to the customers for the parts were recorded by Deling on January 2, 2013. D. Retailers were holding P210,000 at cost and P250,000 at retail, of goods on consignment from Deling, at their stores on December 31, 2012. E. Goods were in transit from a vendor to Deling on December 31, 2012. The cost of goods was P25,000. The goods were shipped FOB shipping point on December 29, 2012. What is the correct amount of inventory? 1,334,000 1,090,000 1,300,000 1 320,000
