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Need it Quick Please Exercises E6-1 Shippers Company had the following inventory situations to consider at January 31, its year end Identity items in inventory
Need it Quick Please
Exercises E6-1 Shippers Company had the following inventory situations to consider at January 31, its year end Identity items in inventory 1. Goods held on consignment for Mail Boxes Etc. since December 12 (SO 1) K 2. Goods held on consignment by Rinehart Holdings for Shippers Company since January 5 3. Goods still in transit and purchased from a supplier, FOB destination, on January 25 4. Goods still in transit and shipped to a customer, FOB destination, on January 26 5. Goods still in transit and shipped to a customer, FOB shipping point, on January 27 6. Goods still in transit and purchased from a supplier, FOB shipping point, on January 29 7. Freight costs paid on inventory purchased and received on January 30 8. Freight costs paid on inventory sold and shipped to a customer on January 31 9. Office supplies on hand at January 31 Instructions Identify which of the above items should be included in inventory. If the item should not be included in inventory, state where it should be recorded Step by Step Solution
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