Question
Presented below is a list of items that may or may not reported as inventory in Seduco Companys December 31, 2021 balance sheet: Goods sold
Presented below is a list of items that may or may not reported as inventory in Seduco Companys December 31, 2021 balance sheet:
Goods sold FOB destination that are in transit at December 31 | 40,000 |
Goods purchased in transit, Free Alongside, including delivery cost alongside the vessel of P2,000 but excluding the cost of shipment of P1,000 |
80,000 |
Goods purchased FOB shipping point that are in transit at December 31 | 120,000 |
Goods purchased FOB destination that are in transit at December 31 | 200,000 |
Goods sold FOB shipping point that are in transit December 31 | 120,000 |
Freight-in charges on goods purchased, FOB shipping point | 80,000 |
Freight-out charges on goods sold, FOB destination | 45,000 |
Interest cost incurred for inventories that are routinely manufactured | 40,000 |
Interest cost incurred for inventories that are non-routinely manufactured | 30,000 |
Office supplies | 10,000 |
Factory supplies | 20,000 |
Goods held on consignment from another company | 450,000 |
Goods out on consignment at another companys store | 800,000 |
Goods sold and delivered on December 20. The goods were included in the inventory because the sale was accompanied by a purchase agreement requiring Seduco to buy back the inventory on February 2022 |
500,000 |
How much of these items would typically be reported as inventory in the financial statements?
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