Botit, Inc., purchased $5,000 of merchandise on account that was shipped on December 29, FOB shipping...
Botit, Inc., purchased $5,000 of merchandise on account that was shipped on December 29, FOB shipping point. The goods arrived on January 3. Should Botit include or exclude this inventory from its balance sheet at its year end, December 31?
Homework Answers
Goods in transit belong to the party holding legal ownership and ownership depends on the FOB terms.
Goods sold F.O.B. shipping point become property of the purchaser once shipped by the seller.
Therefore ,when determining the amount of inventory owned at year end, goods in transit must be Included.
Add Answer to:
Botit, Inc., purchased $5,000 of merchandise on
account that was shipped on December 29, FOB shipping...
Botit, Inc., purchased $10,000 of merchandise that was shipped on December 30, FOB destination. The goods...
Botit, Inc., purchased $10,000 of merchandise that was shipped on December 30, FOB destination. The goods arrived on January 5. Given Botit's yearend is December 31, should Botit include or exclude this purchase from its inventory?
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31.
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31. 1. $2,000 of merchandise purchased from a supplier, shipped FOB shipping point on December 29, in transit at year-end. 2. $1,000 of merchandise shipped to a customer on December 30, FOB destination. The goods arrived at the customer's location on January 5.
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded. Goods shipped to Raymond f.o.b. destination on December
The December 31, 2021, year-end inventory balance of the Raymond Corporation is $212,000. You have been asked to review the following transactions to determine if they have been correctly recorded.Goods shipped to Raymond f.o.b. destination on December 26, 2021, were received on January 2, 2022. The invoice cost of $31,000 is included in the preliminary inventory balance.At year-end, Raymond held $15,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.On December 29,...
please help with this accounting problem! Question 7 View Policies Current Attempt in Progress Gato Inc....
please help with this accounting problem!
Question 7 View Policies Current Attempt in Progress Gato Inc. had the following inventory situations to consider at January 31, its year-end. (21) identify which of the following items should be included in inventory. (a) Goods held on consignment for Steele Corp. since December 12. (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d)...
A VILL leam wileyplus.com/courses/27944/assignments/2651327?module_item_id=9041203 erences Current Attempt in Progress borations Gato Inc. had the following inventory...
A VILL leam wileyplus.com/courses/27944/assignments/2651327?module_item_id=9041203 erences Current Attempt in Progress borations Gato Inc. had the following inventory situations to consider at January 31, its year-end. PLUS Support (a1) Identify which of the following items should be included in inventory (a) Goods held on consignment for Steele Corp.since December 12. (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d) Goods shipped to...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $211,500. The following additional information is also available: Plunkett sold and shipped goods costing $37,300 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $211,500. Plunkett purchased goods costing $43,300 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000....
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller...
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is...
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Materials purchased from a supplier and shipped to Sabre f.o.b. destination on December 28, 2020, were received on January 2, 2021. The invoice cost of materials of $50,000 and the shipping cost of $1,500 are not included in the preliminary inventory balance. 2. At year-end,...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller...
Indicate whether the following merchandise in transit should be included or excluded from the company's inventory at year end, December 31. 1. $2,000 of merchandise purchased from a supplier, shipped FOB shipping point on December 29, in transit at year-end. 2. $1,000 of merchandise shipped to a customer on December 30, FOB destination. The goods arrived at the customer's location on January 5.
please help with this accounting problem!
Question 7 View Policies Current Attempt in Progress Gato Inc. had the following inventory situations to consider at January 31, its year-end. (21) identify which of the following items should be included in inventory. (a) Goods held on consignment for Steele Corp. since December 12. (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d)...
A VILL leam wileyplus.com/courses/27944/assignments/2651327?module_item_id=9041203 erences Current Attempt in Progress borations Gato Inc. had the following inventory situations to consider at January 31, its year-end. PLUS Support (a1) Identify which of the following items should be included in inventory (a) Goods held on consignment for Steele Corp.since December 12. (b) Goods shipped on consignment to Logan Holdings Inc. on January 5. (c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit. (d) Goods shipped to...
On December 31 of the current year, Plunkett Company reported an ending inventory balance of $214,000. The following additional information is also available: • Plunkett sold and shipped goods costing $37,800 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending Inventory amount of $214,000. • Plunkett purchased goods costing $43,800 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Shipping Point Goods in Transit owned by: Buyer Transportation Costs paid by: Buyer Insurance during transit paid by: Buyer Destination Seller...
4. Inventory (8 points) The December 31, 2020, year-end inventory balance of the Sabre Company is $317,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Materials purchased from a supplier and shipped to Sabre f.o.b. destination on December 28, 2020, were received on January 2, 2021. The invoice cost of materials of $50,000 and the shipping cost of $1,500 are not included in the preliminary inventory balance. 2. At year-end,...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller...
Most questions answered within 3 hours.
-
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 32 minutes ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 34 minutes ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 40 minutes ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 44 minutes ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 53 minutes ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 1 hour ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 1 hour ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 1 hour ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 1 hour ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 1 hour ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 1 hour ago -
Inheritance pattern in BRCA 1
Describe the inheritance pattern of BRCA 1 Is it recessive or...
asked 1 hour ago