The physical inventory of CHUCKIE COMPANY as of December 26, 2020 totaled P1,965,000. You agreed...
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Accounting
The physical inventory of CHUCKIE COMPANY as of December 26, 2020 totaled P1,965,000. You agreed on the December 26 count as the company has a good internal control system. In trying to establish the December 31 inventory, you noted the following transactions from December 27 to December 31, 2019
Sales (20% markup on cost) P600,000
Credit memos issued:
For goods returned on :
December 15 - 27,000
December 20 - 35,000
December 29 - 36,000
For goods delivered to customers not in
accordance with specifications - 9,500
Credit memos received:
For goods returned on:
December 10 - 17,000
December 26 - 23,000
December 28 - 8,000
Purchase:
Placed in stock - 120,000
In transit, FOB shipping point - 50,000
In transit, FOB destination - 33,000
Required:
a. Inventory account balance as of December 31, 2020.
b. Net adjustment to Accounts Payable, if there is any.
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