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Hunter Co. is a calendar-year retailer. Its year-end physical count of inventory on hand did...

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Accounting

Hunter Co. is a calendar-year retailer. Its year-end physical count of inventory on hand did not consider the effects of the following transactions:

  • Goods with a cost of P50,000 were shipped by Hunter FOB shipping point on December 30 and were tendered to and accepted by the buyer on January 4.
  • Goods with a cost of P40,000 were shipped FOB destination by a vendor on December 30 and were tendered to and accepted by Hunter on January 4.
  • Goods were sold on the installment basis by Hunter. Installment receivables representing sales of goods with a cost of P30,000 were reported at year-end. Hunter retains title to such goods until full payment is made.
  • Goods with a cost of P20,000 were held on consignment for a vendor. These goods were excluded from the count although they were sold in January.

If inventory based solely on the physical count of items on hand equaled P1 million. Hunter should report inventory at year-end of ____________

Group of answer choices

140,000

1,000,000

90,000

1,140,000

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