PAS 2 - Inventories

Problem 1 Decide whether the item is included as part of Inventories as of December 31, 2019:

Finished goods in the bodega, at cost including overhead of P400,000 P 4,000,000

Finished goods included in the count specifically segregated per sales contract 100,000
Goods in the receiving department, returned by customer, in good condition 50,000
Materials ordered and in the receiving department, invoice not recorded 400,000
Materials ordered, invoice received but goods not received. Freight is paid by seller 300,000
Finished goods shipped today, invoice mailed, FOB shipping point 250,000
Finished goods shipped today, invoice mailed, FOB Destination 150,000
Goods currently being used for window display 200,000
Goods on counter for sale 800,000
Materials in the receiving department, refused by us because of damage 180,000
Goods include in count, damaged and unsalable 50,000
Goods in the shipping department 250,000
Advance for materials ordered 200,000
Goods in process 650,000
Unexpired insurance on inventories 60,000
Advertising catalogues and shipping cartons 150,000
Finished goods in company-owned retail store, including 50% profit on cost 750,000
Finished goods still in transit through a vessel shipped FAS (free alongside) by our 500,000
company, including 50% profit on selling price
Finished goods still in transit through a vessel shipped ex-ship by our company, at cost 200,000
Finished goods in hands of consignees including 40% profit on sales, excluding freight 400,000
paid by the our company of P50,000 for delivery to the consignee
Freight cost paid by our company (consignee) for consigned goods sold to customers 50,000
Finished goods in transit to customers, shipping FOB destination at cost 250,000
Finished goods out on approval, at cost 100,000
Unsalable finished goods, at cost 50,000
Office supplies 40,000
Materials in transit shipped FOB Shipping point, excluding freight of P30,000 330,000
Goods held on consignment, at sales price, cost P150,000 200,000
Finished goods in transit, including freight charge of P20,000, FOB Shipping point 250,000
Finished goods held by salesmen, at selling price, cost P100,000 140,000
Defective materials returned to suppliers for replacement 100,000
Shipping supplies 20,000
Gasoline and oil for testing finished goods 110,000
Machine lubricants 60,000
Storage costs of finished goods 180,000
Delivery to customers 40,000
Irrecoverable import duties 60,000
Salaries of the accounting department 600,000
Brokerage commission paid to agents for arranging imports 200,000
Sales commission paid to sales agents 300,000
After-sales warranty costs 250,000
Insurance on shipment for materials purchased 5,000