COVID Co's fiscal year ends on December 31 COVID determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 1. Goods purchased from a vendor shipped fo.b. shipping point on December 24 that arrived on January 4. 2. Goods shipped f.o.b. shipping point on December 27 arrived at the customer's location on January 4. 3. Goods purchased from a vendor shipped fo.b.destination on December 27 that arrived on January 5. 4. Freight charges on goods purchased in item 1. 5. Merchandise held on consignment for Virus Co. 6. Goods shipped fo.b. destination on December 29 that arrived at the customer's location on January 2. Required: Determine if each of the six items above should be included or excluded from the company's year-end inventory. (Answer format:1. Excluded / Included)

COVID Co's fiscal year ends on December 31 COVID determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 1. Goods purchased from a vendor shipped fo.b. shipping point on December 24 that arrived on January 4. 2. Goods shipped f.o.b. shipping point on December 27 arrived at the customer's location on January 4. 3. Goods purchased from a vendor shipped fo.b.destination on December 27 that arrived on January 5. 4. Freight charges on goods purchased in item 1. 5. Merchandise held on consignment for Virus Co. 6. Goods shipped fo.b. destination on December 29 that arrived at the customer's location on January 2. Required: Determine if each of the six items above should be included or excluded from the company's year-end inventory. (Answer format:1. Excluded / Included)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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