Question
Riptide Company included the following items in its inventory on December 31, 2020: Merchandise out on consignment, at sales price, including 25% markup on cost
Riptide Company included the following items in its inventory on December 31, 2020:
Merchandise out on consignment, at sales price, including 25% markup on cost
P 4,000,000
Goods purchased in transit, FOB destination
2,000,000
Goods held on consignment by Riptide Company
1,000,000
By what amount should the inventory at December 31, 2020 be reduced? please include solution.
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Financial Accounting
Authors: Carl Warren, James M. Reeve, Philip E. Fess
8th Edition
0324025394, 978-0324025392
