Homework Answers
Goods sold on consignment by crane, unsold at the end of period:
Since, the ownership still exists with crane at year end they should be included in inventory and it should be included at cost but not at selling price.
Goods purchased, FOB destination:
Goods purchased with condition FOB destination, ownership is not transferred to buyer until it is received. Hence these goods are not ownerd by crane as not received till Jan.3 , not required to be included in inventory.
After making adjustment for consignment sale, ending inventory should be = 320400 + 47900 = 368,300
* Please comment, if further explanation is required. Your rating is appreciated*
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