Question
The Physical inventory on October 31, 2019 of Ji Chang Wook (JCW) Company showed merchandise at P205,000. As an accountant you checked the inventories and
The Physical inventory on October 31, 2019 of Ji Chang Wook (JCW) Company showed merchandise at P205,000. As an accountant you checked the inventories and found out that the following items were excluded from this amount. - Merchandise costing P40,500 shipped by a vendor FOB Shipping point on December 31, 2019 and received by JCW Company on November 5, 2019. - Merchandise costing P45,000 shipped by a vendor FOB destination on October 30, 2019 and received by JCW Company on November 4, 2019.
- Merchandise costing P15,800 which was shipped FOB destination to a customer on October 29, 2019. The customer expected to receive the merchandise on November 6, 2019.
- Merchandise costing P40,900 which was shipped FOB shipping point to a customer on October 29, 2019. The goods are scheduled to arrive at the destination point on November 2, 2019.
- Merchandise in transit to customers shipped to customer October 28, 2019, FOB Shipping point, at selling price of P56,000, which includes 40% markup on selling price.
- Merchandise sold October 30, 2019, in transit, FOB origin, with selling price of P39,000 and cost of P28,000.
What is the correct amount of inventory that should appear on JCWs October, 2019 statement of financial position
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