Review the following items and decide if each should be included in Inventory on the balance sheet. Place an "X" - without any additional spaces - in the appropriate column. Once you have correctly classified all items, the table will turn green. Raw materials held by a manufacturer Goods on order from a supplier Sold goods not yet shipped to customer Goods in transit from a supplier, F.O.B. shipping point Goods in transit from a supplier, F.O.B. destination Raw materials held by a manufacturer Inventory Not Inventory Liability Revenue Sold goods not yet shipped to the customer Not Inventory Since the performance obligation is not satisfied and not shipped yet then Sales can not be recognized therefore it is not inventory Equity inventory Goods in transit from a supplier. F.O.B. shipping point Not Inventory Inventory Revenuc None of the above. Goods in transit from a supplier, F.O.B. destination No Adjusting Entries are needed. None of the above. Inventory Not Inventory Goods in transit to a customer, F.O.B. destination Revenue Inventory Equity Not Inventory Consignor's accounting for consigned goods no gain or loss. Not Inventory Inventory None of the above. Work in Process of a manufacturer Not Inventory Inventory