Hero Company reported inventory on December 31, 2020 at and before any necessary year-end adjustment relating to the P6,000,000 based on a following: * physical count of goods priced at cost, Included...

Hero Company reported inventory on December 31, 2020 at and before any necessary year-end adjustment relating to the P6,000,000 based on a following: * physical count of goods priced at cost,




Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2020. These goods had a cost of P125,000 and were picked up by the carrier on January 10, 2021.





Goods shipped FOB shipping point on December 28, 2020 from a vendor to Hero Company were received on January 4, 2021. The invoice cost was P300,000. What amount should be reported as inventory on December





31, 2020?





a. 5,875,000 b. 6,000,000





c. 6,175,000 d. 6,300,000


Sep 15, 2022
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