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INVENTORIES Practice Problems PRACTICE PROBLEM Brandy Company took a physical inventory at the end of the year and determined that P2,600,000 of goods were on hand. In addition, the entity determined that P200,000 of goods purchased in transit shipped FOB shipping point were actually received two days after the physical count and that the entity had P300,000 of goods out on consignment. What amount should be reported as inventory at year-end? 3,100,000 2 PRACTICE PROBLEM Scotch Company took a physical inventory at the end of the year and determined that P1,900,000 of goods were on hand. In addition, the entity determined that P240,000 of goods purchased were in transit shipped FOB destination. The goods were actually received three days after the inventory count. The entity sold P100,000 worth of inventory FOB destination. Such inventory is in transit at year-end. What amount should be reported as inventory at year-end? 2,000,000 3 Aman Company provided the following data: PRACTICE PROBLEM Items counted in the bodega 4,000,000 Items included in the count specifically segregated per sale contract 100,000 Items in receiving department, returned by customer, in good condition 50,000 Items ordered and in the receiving department 400,000 Items ordered, invoice received but goods not received. Freight is on account of seller. 300,000 Items shipped today, invoice mailed, FOB shipping point 250,000 Items shipped today, invoice mailed, FOB destination 150,000 ...
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