Question
pls answer asap!!! 1) Bataan Company, a VAT-registered business, purchased imported goods from Finland Company with the following related information: List price (Terms: 20%; 2/10,
pls answer asap!!!
1) Bataan Company, a VAT-registered business, purchased imported goods from Finland Company with the following related information: List price (Terms: 20%; 2/10, n/30), P 300,000 Shipping cost to acquire the inventory, P 15.000 Special handling charges, P 8.000 Purchase returns, P 3.000 Bataan Company paid 100% custom duty taxes based on the invoice cost, its directly related incidental costs and the related VAT based on the total invoice cost plus incidental costs and custom duty taxes. QUESTION: What is the cost of inventory? A. 583.600 B. 526.000 C. 523.000 D. 580.600
2) Mirador had determined its December 31. 2021 inventory on a FIFO basis at P 200.000. Information pertaining to that inventory follows: Estimated selling price, P 204,000 Estimated cost of disposal, P 10,000 Normal profit margin, P 30.000 Current replacement cost. P 180.000 Mirador records losses that result from applying the lower of cost or net realizable value. QUESTION: On December 31, 2021, the loss that Mirador should recognize is O P 6,000 O P 20,000 O P 36.000 O P 14.000
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