Information pertaining to the inventory of Javelin Company for the ended December 31, 2022 follows:...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Information pertaining to the inventory of Javelin Company for the ended December 31, 2022 follows: Beginning inventory 200,000* Ending inventory 300,000** Total purchases 830,000 Purchases returns 35,000 Freight-in 10,000 Purchase discounts 5,000 *Includes items A and B costing P20,000 and P30,000, respectively. The net realizable value of item A is P15,000 and item B is P27,000. **Includes cost of items A and B still unsold at the end of the year. The net realizable value of A is P23,000 and item B is P29,000. How much is the ending inventory that should be reported in the statement of financial position on December 31, 2022 using the allowance method?
Information pertaining to the inventory of Javelin Company for the ended December 31, 2022 follows:
Beginning inventory 200,000*
Ending inventory 300,000**
Total purchases 830,000
Purchases returns 35,000
Freight-in 10,000
Purchase discounts 5,000
*Includes items A and B costing P20,000 and P30,000, respectively. The net realizable value of item A is P15,000 and item B is P27,000.
**Includes cost of items A and B still unsold at the end of the year. The net realizable value of A is P23,000 and item B is P29,000.
How much is the ending inventory that should be reported in the statement of financial position on December 31, 2022 using the allowance method?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.