1. Goods on order from a supplier a) Revenueb) Not Inventory c) Inventoryd) Depends on shipping term if it is FOB Destination or FOB Shipping point.2. Goods in transit from a supplier FOB destinationa) Inventoryb) None of the abovec) No adjusting Entries are neededd) Not Inventory3. Goods in transit to a customer FOB Shipping pointa) Equityb) Not Inventoryc) Inventoryd) No gain or loss Review the following items and decide if each should be included in Inventory on the balancesheet. Place an "X" - without any additional spaces - in the appropriate column. Once you havecorrectly classified all items, the table will turn green.InventoryNot InventoryWork in process of a manufacturerFinished goods awaiting saleFEATURERaw materials held by a manufacturerGoods on order from a supplierSold goods not yet shipped to customerGoods in transit from a supplier, F.O.B. shipping pointGoods in transit from a supplier, F.O.B. destination....Goods in transit to a customer, F.O.B. shipping pointGoods in transit to a customer, F.O.B. destinationConsignor's accounting for consigned goodsConsignee's accounting for consigned goods

Name: 1. Goods on order from a supplier a) Revenueb) Not Inventory c) Inven
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Description: 1. Goods on order from a supplier a) Revenueb) Not Inventory c) Inventoryd) Depends on shipping term if it is FOB Destination or FOB Shipping point.2. Goods in transit from a supplier FOB destinationa) Inventoryb) None of the abovec) No adjusting En

ANSWER: From the following above question some items should be treated as inventories other or non…

Answered: Goods on order from a supplier a)…

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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1. Goods on order from a supplier

a) Revenue
b) Not Inventory
c) Inventory
d) Depends on shipping term if it is FOB Destination or FOB Shipping point.

2. Goods in transit from a supplier FOB destination

a) Inventory
b) None of the above
c) No adjusting Entries are needed
d) Not Inventory

3. Goods in transit to a customer FOB Shipping point

a) Equity
b) Not Inventory
c) Inventory
d) No gain or loss

Review the following items and decide if each should be included in Inventory on the balance
sheet. Place an "X" - without any additional spaces - in the appropriate column. Once you have
correctly classified all items, the table will turn green.
Inventory
Not Inventory
Work in process of a manufacturer
Finished goods awaiting sale
FEATURE
Raw materials held by a manufacturer
Goods on order from a supplier
Sold goods not yet shipped to customer
Goods in transit from a supplier, F.O.B. shipping point
Goods in transit from a supplier, F.O.B. destination
....
Goods in transit to a customer, F.O.B. shipping point
Goods in transit to a customer, F.O.B. destination
Consignor's accounting for consigned goods
Consignee's accounting for consigned goods

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