Gato Inc. had the following inventory situations to consider at January 31, its year-end. Identify which of the preceding items should be included in inventory. (a) Goods held on consignment for Steele Corp. since December 12. Select an option (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. Select an option (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. Select an option (d) Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit. Select an option (e) Goods purchased FOB destination from a supplier on January 25 that are still in transit. Select an option (f) Goods purchased FOB shipping point from a supplier on January 25 that are still in transit. Select an option (g) Office supplies on hand at January 31.
Gato Inc. had the following inventory situations to consider at January 31, its year-end. Identify which of the preceding items should be included in inventory. (a) Goods held on consignment for Steele Corp. since December 12. Select an option (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. Select an option (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. Select an option (d) Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit. Select an option (e) Goods purchased FOB destination from a supplier on January 25 that are still in transit. Select an option (f) Goods purchased FOB shipping point from a supplier on January 25 that are still in transit. Select an option (g) Office supplies on hand at January 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gato Inc. had the following inventory situations to consider at January 31, its year-end.
Identify which of the preceding items should be included in inventory.
| (a) |
Goods held on consignment for Steele Corp. since December 12.
|
Select an option | ||
|---|---|---|---|---|
| (b) |
Goods shipped on consignment to Logan Holdings Inc. on January 5.
|
Select an option | ||
| (c) |
Goods shipped to a customer, FOB destination, on January 29 that are still in transit.
|
Select an option | ||
| (d) |
Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit.
|
Select an option | ||
| (e) |
Goods purchased FOB destination from a supplier on January 25 that are still in transit.
|
Select an option | ||
| (f) |
Goods purchased FOB shipping point from a supplier on January 25 that are still in transit.
|
Select an option | ||
| (g) |
Office supplies on hand at January 31.
|
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