TELL WHETHER THE ITEM WILL WIL INCLUDED OR EXCLUDED ON THE INVENTORY OF DECEMBER 31,2016

1. An item was sold and delivered to the customer on December 29, 2016. The goods were included in the inventory because the sale was with a repurchase agreement that requires the entity to buy back the inventory on January 15, 2017

2. In the shipping room was a product costing P15,400 when the physical count was taken. Because it was marked Hold for shipping instructions, it was not included in the count. The customer order was dated December 15, 2016 but the product was shipped and the customer billed on January 4, 2017