MCSR Company provides the following data: Items counted in the warehouse ₱4,000,000 Items included in the...

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?

Expert Solution

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

ekkarill92 answered 2 years ago

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