Test 1: Problem Solving

Problem 1:
Panomonasabi Company provided the following
data:
Items counted in the bodega 4,000,000.00
Items in bodega not included in the count to be sent to customer FOB shipping point 100,000.00
Items in receiving department, returned by customer, in good condition 50,000.00
Items ordered and in the receiving department 400,000.00
Items shipped, invoice received but goods not received freight on account of seller 300,000.00
Items ordered today, invoice mailed, FOB shipping point 250,000.00
Items shipped today, invoice mailed, FOB destination 150,000.00
Items currently being used for window display 200,000.00
Items on counter for sale 800,000.00
Items in receving department, refused because of damage 180,000.00
Items included in count, damged and unsalable 50,000.00
Items in the bodega included in count 250,000.00

What is the correct amount of inventory?

Problem 2:
Walanafinishna Company included the following items in
inventory
Materials 1,800,000.00
Advance for materials ordered 400,000.00
Good in process 850,000.00
Unexpired insurance on inventory 200,000.00
Advertising catalogs and shipping cartons 250,000.00
Finished goods in factory 600,000.00
Finished goods in entity-owned retail store, including 50% profit on cost 750,000.00
Finished goods in hands of consignees inlcuding 40% profit on sales 400,000.00
Finished Goods in transit to customers, shipped FOB destination at cost 250,000.00
Finished goods out on approval, at cost 100,000.00
Unsalable finished goods, at cost 50,000.00
Factory supplies 40,000.00
Materials in transit, shipping FOB shipping point, excluding freight of
30,000 330,000.00
Goods held on consignment, at sales price, cost 150,000 200,000.00

What is the correct amount of inventory?

Problem 3:
Advance Thinking Company has incurred the following costs during the current year:
Cost of purchases based on vendors' invoices 4,000,000.00
Trade discounts on purchases already deducted from vendors' invoices 500,000.00
Import duties 90,000.00
Freight and insurance on purchase 200,000.00
Other handling costs relating to imports 100,000.00
Salaries of accounting department 500,000.00
Brokerage commission aid to agents arranging imports 200,000.00
Sales commission paid to sales agents 300,000.00
After-sales warranty cost 250,000.00

What is the total cost of purchases?

Problem 4:
MightyPula Company incurred the ff cost: 700,000.00
Materials 180,000.00
Storage costs of finished goods 40,000.00
Delivery to customer 60,000.00
Irrecoverable purchase taxes

At what amount should the inventory be measures?