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
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E6-3

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.
Transcribed Image Text: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.
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