Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. royal chateau corp's physical inventory on decembe

Royal Chateau Corp's physical inventory on December 31, 2016 showed merchandise with a cost of...

80.2K

Verified Solution

Question

Accounting

image

Royal Chateau Corp's physical inventory on December 31, 2016 showed merchandise with a cost of P364,000 was on hand at that date. Excluded from this amount are the following items: Merchandise costing P30,000 held by Royal Chateau on consignment Merchandise costing P45,000 shipped FOB shipping point to a customer on December 29. 2016. The goods were expected to be received by the customer on January 4, 2017. Merchandise costing P62,000 shipped FOB destination to a customer on December 31, 2016. The goods were expected to be received by the customer on January 6, 2017. Merchandise costing P78.000 shipped by a vendor FOB destination on December 31, 2016 and received by Royal Chateau on January 5, 2017. Merchandise costing P54,000 shipped by a vendor FOB seller on December 31, 2016 and received by Royal Chateau on January 3, 2017 The correct amount of Royal Chateau's inventory at December 31. 2016 is

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students