Question
The High Co. in its balance sheet as of December 31, 2019 has an inventory the amount of P176,000 which consists of: Direct materials P55,000
The High Co. in its balance sheet as of December 31, 2019 has an inventory the amount of P176,000 which consists of:
Direct materials P55,000
Direct materials purchases in transit, FOB destination 12,000
Direct materials purchases in transit, FOB shipping point 9,000
Prepaid insurance on inventory 2,000
Work-in-process 38,000
Finished goods 45,000
Goods shipped on consignment, at selling price with 20% profit on sales 15,000
What is the cost of inventory to be shown in the statement of financial position of High Co. as of December 31, 2019?
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Basic Engineering Circuit Analysis
Authors: J. David Irwin
9th Edition
73545511, 470457708, 470128690, 978-0073545516, 9780470457702, 978-0470128695
