question:

Subject:AccountingCourse:Add

Identify whether the following items will be included or excluded in the cost of inventory:

A. Goods purchased, intransit ,shipped FOB seller

B.Goods purchased, intransit ,shipped FOB destination

C. Freight cost on goods received , goods are still unsold

D. Freight paid on goods sold

E. Goods out to customers on approval

F.Goods displaued in the store

G. Goods stocked in the warehouse,not covered by any sales contract

H. Goods completed, manufactured to customer's specification,awaiting instruction for delivery by the customer.

I. Unused factory supplies and indirect materials.

J. Unused supplies for administrative purposes

K. Unused store supplies

L. Direct materials stocked in the warehouse.

M. Goods which requireadditional processing

N. Storage costs of goods completed.

O. Insurance premiums paid on stocked goods

P. Goods held on consignment

Q. Goods out on consignment

R. Goods in the hands of travelling salesmen

S. Goods sold with a buyback arrangement for the full selling price ang other costs incurred by the buyer.

T. Goids sold with a right to return granted to buyers, amount of return is reasonably predictable.

U. Goods sold under FAS, at the port designated by the buyer

V. Goods at the port, purchased CIF