Which of the following items should be included in inventory?

Question

Quizplus · Accepted Answer

All of the above items should be included in inventory. Supplies on hand are tangible items necessary for the operation of a business and are considered part of inventory. Goods that have been consigned to another company are still owned by the business until they are sold, and therefore should be included in inventory. Goods in transit that were shipped FOB destination are still owned by the business until they are received by the customer, and therefore should be included in inventory.

Which of the Following Items Should Be Included in Inventory