In: Accounting
MCSR Company provides the following data: |
|
Items counted in the warehouse |
₱4,000,000 |
Items included in the count specifically segregated per sale contract |
100,000 |
Items in receiving department, returned by customer, in good condition |
50,000 |
Items ordered and in the receiving department |
400,000 |
Items ordered, invoice received but goods not received. Freight is on account of seller |
300,000 |
Items shipped today, invoice mailed, FOB shipping point |
250,000 |
Items shipped today, invoice mailed, FOB destination |
150,000 |
Items currently being used for window display |
200,000 |
Items on counter for sale |
800,000 |
Items in receiving department, refused because of damage |
180,000 |
Items included in count, damage and unsalable |
50,000 |
Items in the shipping department |
250,000 |
What is the correct amount of inventory? |
Calculation of Correct amount of Inventory
Items counted in warehouse | 4000000 |
Items included to be segregated as per sales contract | (100000) |
Items returned by customer in good condition | 50000 |
Items ordered and in receiving department | 400000 |
Items shipped , FOB destination | 150000 |
Items used for window display | 200000 |
Items on counter for sale | 800000 |
Damaged and unsaleable items | (50000) |
Items in shipping department | 250000 |
AMOUNT OF INVENTORY | 5700000 |
Amount of Inventory =$5700000