You have been engaged to audit the financial statements of CRAS, INC. for the Ascal year ending June $30,2019.$ The cost of goods sold section of the income statement prepared by your chent sor the year ended ne $30,19,$ pears as flows! Yes slEeport beaste

Inventory. July $1,2018$

Purchases

Goods available for sale

P$75,000$

$540,000$

$615,000$

olotted of ti bloe slousneleV nedw $000,000+9$

Inventory, June $30,2019$

Cost of goods sold

P$510,000$

Although the books have been closed, your working paper trial balance is prepared showing all accounts with activity during the year. The July $1$ and June $30$ inventories appearing above were determined through physical count and no reconciling items were considered. All purchases are FOB shipping point. The company uses the periodic inventory system.

$000\mathrm{.}858$

$(02199$

$000\mathrm{.}40$S

$21200$ Jostibal

in the course of your examination of the inventory cutoff, both at the beginning and end of the year, you discovered the following facts:

$000$

$,000$

July $1,2018$

$9071$

a$)$ June invoices totalling P$19,500$ were entered in the voucher register in June, but the goods were not received until July. nemqiupe bas alsinetsm

b$)$ Invoices totalling P$8,100$ were entered in the voucher register in July, but the goods were received during June.

June $30,2019$

$\mathrm{.}2105$

Vieurs$($ moil arsoy $2$ vino ai SIvasunsio boasdong

a$)$ Invoices totalling P$27,900$ were entered in the voucher register in July, and the goods were received in July, but the invoices were dated Junezi terW I

b$)$ June invoices totalling P$11,100$ were entered in the voucher register in June but the goods were not received until July.

c$)$ Invoices totalling P$16,200($the corresponding goods for which were received in June$)$ were entered in the voucher register, in July.

d$)$ Sales of P$26,400$ were made on account on June $30$ and the goods were delivered at that time, but all entries relating to the sales were made in July! OS Required: Determine the following

What is the adjusted inventory on July $01,2018?$

$2.$ What is the correct amount of purchases for the year ended June $30,2019?$

ZAITILSALI HO TICUA $-$ DO AZAD

o $,..$What is the connect inventory on ne $0,01,$ gie as tearine goes eleanoria mont em m

$4.$ The accounts payable balance on Bune $30,209$Should be inceased bytrit $018$ troost ta oF

$5.$ The correct cost of goods sold for the year ended June $30,2019,$ is