Asked by
Laura Kramer
on Dec 17, 2024Verified
Which of the following goods should Blake Company include in its December 31, 201X, count?
A) Goods held on consignment for Goodson Automotive
B) Goods sold to Denning, F.O.B. destination, and arrival date scheduled for February 10
C) Goods in transit purchased F.O.B.
D) Goods that are not salable
Goods In Transit
Items that have been shipped by a seller but not yet received by the buyer, thus in the process of being transported.
Consignment
A business arrangement where goods are left in the possession of another party to sell, but ownership remains with the supplier until sold.
F.O.B. Destination
Seller pays or is responsible for the cost of freight to purchaser’s location or destination.
- Determine which items are to be included or excluded from merchandise inventory.
Verified Answer
JG
Learning Objectives
- Determine which items are to be included or excluded from merchandise inventory.