Which of the following items would be included in the inventory account of a manufacturing concern? I. Goods in transit purchased FOB shipping point, invoice received II. Goods out on approval by a customer III. Goods sold under FAS, at the port designated by the buyer IV. Goods in the hands of traveling salesmen V. Goods completed, manufactured to customer’s specification, awaiting instruction for delivery by the customer VI. Goods which require additional processing
Which of the following items would be included in the inventory account of a manufacturing concern? I. Goods in transit purchased FOB shipping point, invoice received II. Goods out on approval by a customer III. Goods sold under FAS, at the port designated by the buyer IV. Goods in the hands of traveling salesmen V. Goods completed, manufactured to customer’s specification, awaiting instruction for delivery by the customer VI. Goods which require additional processing
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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40
Which of the following items would be included in the inventory account of a manufacturing concern?
I. Goods in transit purchased FOB shipping point, invoice received
II. Goods out on approval by a customer
III. Goods sold under FAS, at the port designated by the buyer
IV. Goods in the hands of traveling salesmen
V. Goods completed, manufactured to customer’s specification, awaiting instruction for delivery by the customer
VI. Goods which require additional processing
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