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WILL UPVOTE PLEASE ANSWER THE FOLLOWING ASAP!!!! Help me please with clear and detailed explanation of the answer loblem 10-9 (AICPA. Adapted) At year-end, Kerr
WILL UPVOTE PLEASE ANSWER THE FOLLOWING ASAP!!!!
Help me please with clear and detailed explanation of the answer
loblem 10-9 (AICPA. Adapted) At year-end, Kerr Company purchased goods costing P500,000 FOB destination. These goods were received at year-end. The goods were: costs incurred in connection with the sale and delivery of the Packaging for shipment Shipping Special handling charges 10,000 15,000 What total cost should be included in inventory? 25,000 a. 545,000 b. 535,000 C. 520,000 d. 500,000 Problem 10-10 (AICPA Adapted) Seafood Company commenced operations during the year as large importer and exporter of seafood. The imports were all from one country overseas, The entity reported the following data: Purchases during the year 12,000,000 Shipping costs from overseas 1,500,000 Shipping costs to export customers 1,000,000 Inventory at year-end 3,000,000 What amount of shipping costs should be included in the year-end inventory valuation? a. 250,000 b. 625,000 C. 375,000 d. 0 Problem 10-11 (AICPA Adapted) Stone Company had the following consignment transactions during the current year: 600,000 Inventory shipped on consignment to a consignee 50,000 Freight paid by Stone Company 800,000 Inventory received on consignment from a consignor 50,000 Freight paid by consignor No sales of consigned goods were made. What amount should be reported as consigned inventory at year-end? a. 700,000 CS 650,000 C. al850,009ith CamScanner d. 600,000 280Problem 10-8 (AICPA Adapted) Fancy Company is a wholesale distributor of automotive replacement parts. The entity revealed the following initial amounts on December 31, 2022: Inventory at December 31 based on physical count Accounts payable 1,250,000 Sales 1,000,000 9,000,000 Additional information A. Parts held on consignment from another entity to Fancy Company, the consignee, amounting to P165,000, were included in the physical count on December 31, 2022, and in accounts payable on December 31, 2022. B. P20,000 of parts which were purchased and paid for in December 2022, were sold in the last week of 2022 and appropriately recorded as sales of P28,000. The parts were included in the physical count on December 31, 2022, because the parts were on the loading dock waiting to be picked up by the customers. C. Parts in transit on December 31, 2022 to customers, shipped FOB shipping point, on December 28, 2022, amounted to P34,000. The customers received the parts on January 6, 2023. Sales of P40,000 to the customers for the parts were recorded by Fancy Company on January 2, 2023. D. Retailers were holding P210,000 at cost and P250,000 at retail, of goods on consignment from Fancy Company, at their stores on December 31, 2022. L. Goods were in transit from a vendor to Fancy Company on December 31, 2022. The cost of goods was P.25,000. The goods were shipped FOB shipping point on December 29, 2022. Required: 'sPote inventory and accounts payable on December 31, 2022 sales for 2022Step by Step Solution
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