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The following inventory transactions took place near December 3 1 , 2 0 2 4 , the end of the Rasul Company's fiscal year -
The following inventory transactions took place near December the end of the Rasul Company's fiscal yearend:
On December inventory costing $ was shipped to the Milat Company on consignment. The shipment arrived at Milat's location on December but none of the inventory was sold by the end of the year. The inventory was not included in the ending inventory.
On January inventory costing $ was received from a supplier and recorded as a purchase on that date and not included in the ending inventory. The invoice revealed that the shipment was made fob shipping point on December
On December the company shipped inventory costing $ to a customer fob destination. The goods, which arrived at the customer's location on January were not included in Rasul's ending inventory. The sale was recorded in
Inventory costing $ was received on December on consignment from the Aborn Company. A purchase was not recorded and the inventory was not included in ending inventory.
Inventory costing $ was received and recorded as a purchase on January The invoice revealed that the inventory was shipped from the supplier on December fob destination. The inventory was not included in ending inventory.
Required:
Select whether Rasul correctly accounted for each of the above transactions.
table The transaction,correctly accounted for. The transaction,correctly accounted for. The transaction,correctly accounted for. The transaction,correctly accounted for. The transaction,correctly accounted for.
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