Sweets Industries commenced operations during the year as large importer and exporter of sweet products. The imports were all from one country overseas. The company reported the following data: Purchases during the year P 12,000,000 Shipping costs from overseas Shipping costs to export customers Inventory at year-end (excluding applicable shipping costs, if any) 1,500,000 1,000,000 3,000,000 What amount of shipping costs should be included in the year-end inventory valuation?

Sweets Industries commenced operations during the year as large importer and exporter of sweet products. The imports were all from one country overseas. The company reported the following data: Purchases during the year P 12,000,000 Shipping costs from overseas Shipping costs to export customers Inventory at year-end (excluding applicable shipping costs, if any) 1,500,000 1,000,000 3,000,000 What amount of shipping costs should be included in the year-end inventory valuation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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