The inventory account of Nike Trading at December 31, 2019 included the following items: Goods...
70.2K
Verified Solution
Link Copied!
Question
Accounting
The inventory account of Nike Trading at December 31, 2019 included the following items:
Goods purchased in transit, FOB shipping point P130,000
Merchandise out on consginment at sales price (including markup of 30% on cost) 104,000
Goods held on consignment 56,000
Goods out on approval, at sales price (cost, P25,000) 32,500
Based on the above information, the inventory account at December 31, 2019 should be reduced by
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.