1. The High Co. in its balance sheet as of December 31, 2019 has an...
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Accounting
1. 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 ?
P150,000 P162,500 P159,500 P159,000
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