Prepare a schedule to determine each item above, stating why you did or did not mak E6-3 Gato Inc. had the following inventory situations to consider at January 31, its yearnd. (a) Goods held on consignment for Steele Corp. since December 12. ) Goods shipped on consignment to Logan Holdings Inc. on January 5. поry. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d) Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit (e) Goods purchased FOB destination from a supplier on January 25 that are still in transit (f) Goods purchased FOB shipping point from a supplier on January 25 that are still in transit. (g) Office supplies on hand at January 31. Instructions Identify which of the preceding items should be included in inventory. If the item should not be included in inventory, state in what account, if any, it should have been recorded.

Prepare a schedule to determine each item above, stating why you did or did not mak E6-3 Gato Inc. had the following inventory situations to consider at January 31, its yearnd. (a) Goods held on consignment for Steele Corp. since December 12. ) Goods shipped on consignment to Logan Holdings Inc. on January 5. поry. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d) Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit (e) Goods purchased FOB destination from a supplier on January 25 that are still in transit (f) Goods purchased FOB shipping point from a supplier on January 25 that are still in transit. (g) Office supplies on hand at January 31. Instructions Identify which of the preceding items should be included in inventory. If the item should not be included in inventory, state in what account, if any, it should have been recorded.

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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