What should be the reported amount of inventory on December 31, 2021? Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total cost of P2,800,000. Upon investigation, the following items were excluded from the count: • Goods sold to a customer which are being held for the customer to call the customer's convenience with a cost of P150,000. • A packing case containing a product amounting to P350,000 in the shipping room was not included in the physical count because it was marked on hold for shipping instructions. • Goods in process costing P180,000 held by an outside processor for further processing. • A special machine costing P225,000 fabricated to order for a customer, was finished and specifically segregated at the back part of the shipping room on December 31, 2021. The customer was billed on that date and the machine was excluded from inventory although it was shipped on January 2, 2022. O 3,330,000 O 3,555,000 O 3,705,000 O 3,880,000 O Answer not given

What should be the reported amount of inventory on December 31, 2021? Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total cost of P2,800,000. Upon investigation, the following items were excluded from the count: • Goods sold to a customer which are being held for the customer to call the customer's convenience with a cost of P150,000. • A packing case containing a product amounting to P350,000 in the shipping room was not included in the physical count because it was marked on hold for shipping instructions. • Goods in process costing P180,000 held by an outside processor for further processing. • A special machine costing P225,000 fabricated to order for a customer, was finished and specifically segregated at the back part of the shipping room on December 31, 2021. The customer was billed on that date and the machine was excluded from inventory although it was shipped on January 2, 2022. O 3,330,000 O 3,555,000 O 3,705,000 O 3,880,000 O Answer not given

Name: What should be the reported amount of inventory on December 31, 2021?
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Description: What should be the reported amount of inventory on December 31, 2021?Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a totalcost of P2,800,000. Upon investigation, the following items were excluded from the

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7PB: Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as...

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