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P6-IB Titus Manin Black Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company's year-end. The following
P6-IB Titus Manin Black Limited is trying to determine the value of its ending inventory as of February 28, 2012, the company's year-end. The following transactions occurred, and the accountant asked your help in determining whether they should be recorded or not. a. On February 26, Titus shipped goods costing $800 to a customer and charged the customer 51.000. The goods were shipped with terms FOB shipping point and the receiving report indicates that the customer received the goods on March 2 b. On February 26, Welliver Inc. shipped goods to Titus under terms FOB shipping point. The invoice price was S450 plus $30 for freight. The receiving report indicates that the goods were received by Titus on March 2 c. Titus had 5650 of inventory isolated in the warehouse. The inventory is designated for a customer who has requested that the goods be shipped on March 10. d. Also included in Titus's warehouse is $700 of inventory that Ishii Producers shipped to Titus on consignment. e. On February 26, Titus issued a purchase order to acquire goods costing $900. The goods were shipped with terms FOB destination on February 27. Titus received the goods on March 2 On February 26, Titus shipped goods to a customer under terms FOB destination The invoice price was $350, the cost of the items was $200. The receiving report indicates that the goods were received by the customer on March 2 Instructions For each of the above transactions, specify whether the item in question should be included in ending inventory, and if so, at what amount. PER
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