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Please answer 1-10 correctly and completely- Audit You are auditing the cutoff of inventory fo following items should be included in the final balance for
Please answer 1-10 correctly and completely- Audit
You are auditing the cutoff of inventory fo following items should be included in the final balance for Free Manufacturing. Free Manufacturing ships and receives inventory based on a variety of shipping terms. Indicate by checking the appropriate box whether the inventory should be included in the 12/31/2018 balance based on the following descriptions. Also, state whether it should be included in Sales Revenue for the period ending 12/31/2018 and whether it should be included in Accounts Payable as of 12/31/2018. (You can assume that none of the purchases were paid prior to 12/31/2018). (Hint: vou should have three x's in each row. Manufacturing and need to first determine if the Include inInclude in Inventor Yes NoYes No YesNo Include in A/P Sales Descriptions 1. A shipment was made on 12/29/2018 to a customer FOB shipping point. The shipment was received by the customer on 12/31/2018 2. A shipment was made on 12/28/2018 to a customer FOB receiving point. The shipment was received by the customer on T2/3 1/2018 3. A shipment was received from a vendor on 1/4/2019. It was shipped from the vendor FOB shipping point on 1/2/2019 4. A shipment was received from a vendor on 12/30/2018 for goods that we agreed to store on a consignment basis. 5. A shipment was received from vendor on 1/4/2019. It was shipped from the vendor FOB shipping point on 12/29/2018. 6. A shipment was made on 12/30/2018 to a customer FOB receiving point. The shipment was received by 7. A shipment was made to a customer who has agreed to keep our inventory on a consignment basis until they can find a buyer 8. A shipment was made on 1/2/2019 to a customer FOB shipping point. The shipment was received by the customer on 1/3/2019 9. A shipment was received from a vendor on 1/6/2019. It was shipped from the vendor FOB receiving point on 12/29/2018, 10. A shipment was received from a vendor on 12/31/2018. It was shipped from the vendor FOB receiving point on 12/30/2018 the customer on 1/3/2019Step by Step Solution
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