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85 views2 pagesChapter 10 (Part 1)
The document contains 16 problems from Chapter 10 of the 2020 Intermediate Accounting textbook by Valix regarding inventories. The problems provide inventory balances and adjustments for physical counts, goods shipped, billed and purchased between companies and vendors. The problems calculate adjusted inventory and accounts payable balances based on shipping terms and unrecorded inventory transactions.
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0% found this document useful (0 votes)
85 views2 pagesChapter 10 (Part 1)
The document contains 16 problems from Chapter 10 of the 2020 Intermediate Accounting textbook by Valix regarding inventories. The problems provide inventory balances and adjustments for physical counts, goods shipped, billed and purchased between companies and vendors. The problems calculate adjusted inventory and accounts payable balances based on shipping terms and unrecorded inventory transactions.
Uploaded by
Hakdog SadCopyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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