LOBRIGO, INTACC1.docx - LOBRIGO REQUIREMENTS 1 ANSWER...

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LOBRIGO REQUIREMENTS: 1. ANSWER: P5,320,000 Physical count P4,410,000 Goods sold in transit, FOB Destination 380,000 Goods purchased, FOB Shipping point 530,000 Total Inventory as of December 31, 2019 P5,320,000 2. a. Merry Company was the buyer in this transaction. The shipment date is on December 31 2019 and merry company will received the merchandise on February 5 2020 and therefore it is excluded in the inventory because it is not yet being received. b. Merry company is the supplier or the seller in this transaction. Merry company shipping point is on December 29 2019 the customer will received the goods on January 1 2020 and therefore it is included in inventory because it is not yet delivered to the

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