Problem 2 Smile Company provided the following information: Materials Advance for materials ordered Goods in process Unexpired insurance on inventories 450,000.00 345,000.00 230,000.00 35,000.00 Advertising catalogs and shipping cartons 68,000.00 Finished goods in factory 80,000.00 Finished goods in company-owned retail store, including 25% on cost Finished goods in hands of consignees including 30% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval at cost Damaged finished goods at cost 96,000.00 150,000.00 54,000.00 27,500.00 12,500.00 Office Supplies Materials in transit FOB shipping point, including freight of P20,000 Goods held on consignment, at sales price, cost at P100,000 Required: Compute the correct amount of inventory. 18,000.00 32,000.00 135,000.00