INTERMEDIATE ractice Gradebook ORION Downloadable eTextbook ACCO gnment CALCULATOR HESSAGEN?NSTRUCTOR ,ULL SCREEN. Exercise 8-1 Presented below is a list of items that may or may not be Indicate which of these items would typically be reported reported as inventory in a company's December 31 balance sheet. as inventory in the financial statements. If an item should not be reported as inventory, indicate how it should be reported in the financial statements financial statements. If an Item in Financial Statement Financial Statement 1. Goods out on consignment at another company's store 2. Goods sold on an installment basis (bad debts can be reasonably estimated) 3. Goods purchased f.o.b. shipping point that are in transit at December 31. 4. Goods purchased f.?.b, destination that are in transit at December 31 5. Goods sold to another company, for which our company has signed an agreament to repurchase at a set price that covers all costs related to tha inventory, 6. Goods sold where large returns are predictable 7. Goods sold r.?.b. shipping point that are in transit at December 31, 8. Freight charges on goods purchased. All Rights Reserved. A Division of