Fables Inc.gives goods on consignment to Aesop Inc.who agrees to try to sell them for a 15% commission.At the end of the year,which of the following would include the consigned goods in its inventory?

Question

Quizplus · Accepted Answer

Goods on consignment remain the property of the consignor (Fables Inc.) until they are sold by the consignee (Aesop Inc.). Therefore, Aesop Inc. should not include the consigned goods in its inventory. Fables Inc. should include the value of the consigned goods in its inventory until they are sold.