Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories. FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself. FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point. To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Question

Want to see the full answer?

Answer 1

Question

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Falcon Enterprises reported a net income of.... Please provide answer the general accounting question

Help general account tutor

Hii expert please given correct answer general accounting question

Answer 2

Question

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Answer 6

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Answer 7

Chapter 6, Problem 6.1AP

To determine

Physical inventory is the actual inventory which are counted tangibly. Normally, at the end of each accounting period, company takes the count of the physical inventory. It contains the details of the inventories like, actual count, weight, volume, and measures for all type of inventories.

FOB (Free on Board) Shipping point means that the buyer pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership is held with the buyer, from the shipping point itself.

FOB Destination means that the seller pays all costs incurred for the delivery of goods from the supplier’s warehouse to the destination point. So, the title of ownership would be held with the buyer only at the destination point.

To identify: Whether the following item should be included or excluded in A Company’s ending inventory.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2Q Ch. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...

Concept explainers

Videos

Want to see the full answer?

Chapter 6 Solutions