Which of the following items should be included in inventory at the balance sheet date?
A)goods in transit which were purchased f.o.b.destination
B)goods received from another company for sale on consignment
C)goods sold to a customer, which are being held for the customer to call for at his or her
Convenience
D)goods in transit which were purchased f.o.b.shipping point

Question

Quizplus · Accepted Answer

Goods in transit purchased f.o.b. shipping point should be included in inventory because the buyer takes ownership when the goods are shipped.

Which of the Following Items Should Be Included in Inventory