Indicate which items should be added to (answer: yes) and which items should not be added to (answer: no) the year-end inventory count.
Uptown Co. took a physical count of its inventory at year-end. In addition, it had to decide whether or not the following items should be added to this count.
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(a) |
Merchandise on hand had been sold but returned by customers for warranty work._______ |
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(b) |
Uptown Co. sent merchandise out on a consignment basis just prior to the physical count.__ |
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(c) |
Before year-end the company ordered merchandise on FOB destination. The merchandise was shipped by the supplier but had not been received at year-end.--------______ |
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(d) |
Before year-end the company ordered merchandise on FOB shipping point terms. The merchandise was shipped the same day but had not been received._____ |
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(e) |
Merchandise sold FOB shipping point at year-end was picked up by the freight co._____ |
Indicate which items should be added to (answer: yes) and which items should not be added to (answer: no) the year-end inventory count.
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