Chapter 10 – Intermediate Accounting by Valix, Volume 1 (2020 Edition)

INVENTORIES

Problem 10-9

Physical Count P 6,000,000

Goods shipped FOB shipping point on 12/28/2020 from a vendor 300,000

Inventory, December 31, 2020 P 6,300,000

Problem 10-10

Physical Count P2,500,000

Merchandise shipped FOB shipping point from a vendor on 12/30/20 100,000

Goods billed to the customer FOB shipping point on 12/30/20 400,000

Inventory, 12/31/20 P 3,000,000

Problem 10-11

Inventory shipped on consignment to consignee P 600,000

Freight paid by Dignity Company 50,000

Consigned Inventory P 650,000

Problem 10-12

List Price P 900,000

Trade Discounts (20% x 900,000) (180,000)

720,000

(10% x 720,000) (72,000)

Invoice Price 648,000

Freight Charge 50,000

Cost of Purchase P 698,000

Problem 10-13

List Price P 1,000,000

Trade Discount (20% x 1,000,000) (200,000)

800,000

(10% x 800,000) (80,000)

Invoice Price 720,000

Cash Discount (5% x 720,000) (36,000)

Net Amount 684,000

Freight Charge 50,000

Total Remittance P 734,000

Problem 10-14

Accounts Payable per book P 2,200,000

Goods shipped lost in transit 40,000

Purchase Return (70,000)

Advance Payment erroneously debited to Accounts Payable 500,000

Adjusted Accounts Payable P 2,670,000

Problem 10-15

Accounts Payable per book P 4,500,000

Undelivered Checks 2,000,000

Unrecorded purchases on 12/28/20 (98% x 750,000) 735,000

Adjusted Accounts Payable P 7,235,000

Problem 10-16

Physical Count P 4,410,000

Merchandise sold in transit, FOB destination 380,000

Merchandise purchased in transit, FOB shipping point 510,000

Inventory, 12/31/20 P 5,300,000