reveals P890,000 inventory on hand at December 31, 2023
arrived in January. The invoice received via email and was recorded on December 31, 2023. [3.] A merchandise was sold to Helsinki on December 30 with terms FOB shipping point. The invoice was received and recorded as a purchase on account for P185,000 on December 31. The merchandise was received by Helsinki on January 3, 2024. [4.] A merchandise purchased was in transit as of December 31, 2023 to port of destination with invoice cost of P210,000, Helsinki paid P20,000 as shipment fee up to port of destination. Term of shipment is free alongside ship. [5.] Not included in inventory is P220,000 worth of merchandise purchased from Nara Corp. The merchandise was received on December 31, 2023 after the inventory had been counted. The invoice was received and recorded on December 31, 2023, term FOB destination. [6.] Included in inventory is merchandise sold to Helsinki from Tokeru. The cost of the merchandise is P140,000 received on December 27, 2023.
repurchased in January 2024 at 5% above cost.
2023.
Determine the following as a result of your audit:
2021?
