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1. Lunar company included the following items under inventory: Materials P100,000 Advance for materials ordered 150,000 Goods in process 350,000 Unexpired insurance on inventory 20,000 Advertising catalogs and shipping cartons 70,000 Finished goods in factory 400,000 Finished goods in entity-owned retail store, Including 50% profit in cost 375,000 The correct amount of inventory to be reported is? a. 1,100,000 b. 1,225,000 C. 1,250,000 d. 1,037,500 2. The physical count conducted in the warehouse of rev company on December 31,2016 revealed merchandise with a total cost of P2,500,000. However, further investigation revealed that the following items were excluded from the count. Goods sold to a customer, which are being held for the customer to call at the customer's convenience with a cost at P150,000. A packaging case containing a product costing P300,000 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". The investigation revealed that the customer's order was dated December 28,2016, but then the case shipped and the customer billed on January 4,2017. A special machine costing P180,000, fabricated to order for a customer, was finished and specially segregated on December 31, 2016. The customer was billed on that date and the machine was excluded from although it was shipped on January 2, 2017. The correct amount of Inventory to be reported on December 31, 2016 is? a. 2,800,000 . 3,130,000 C. 2,950,000 d. 2,650,000Jay Corporation uses a periodic inventory system and a fiscal year ending September 30. On September 30, 2015, jay company correctly reported inventory on hand costing P900,000. During the fiscal year ending September 30,2016, jay company recorded purchases of P5,?00,000. A physical count on September 30,2016 revealed that goods costing P1,250,000 were on hand. The following material events occurred between September 25 and October 7, 2016: An invoice for goods costing P260,000 was received and recorded on September 29. The goods arrived on October 2. The supplier shipped the goods FOB destination on September 27. Invoice for goods costing P180,000 was received and recorded on September 28. The supplier shipped the goods FOB shipping point on September 26. The receiving report indicates that Jay Company received the goods on October 1. the inventory amount to be reported in jay company's balance sheet at September 30,2016 should be? a. 1,690,000 0. 1,250,000 c. 1,510,000 d. 1,430,000