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Review the following items and decide if each should be included in Inventory on the balance sheet. Place an X - without any
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. ?? 2 Finished goods awaiting sale O Not invertary O Fevenue Inventory ?? 3 Raw materials held by a manufacturer 1 ? 1 ? Goods on arder from a supplier a Revenue O Not invertory Depends on Stipping term if it is FOB Destionation or FOE Shipping point ?? 5 Sold goods nat yet shipped to the customer. 1 ? O Imventory O Equity D Not inventory Since the performanoe obif; therefore it is not inventary ??? 6 Goods in transit from a supplier, F.O.B. shipping point D None of the above. O Not Invertary O Inventory ?? 7 1 ? Goods in transit from a supplier, F.O.B. destination O Inventory O No Adiusting Entries are necded. Not inventary ?? 8 1 ? Goods in transit to a customer, F.O.B. shipping point ? Equity D koctinuminany O no sain or loss. ?? 9 1? Goods in transit to a customer, F.O.B. destination Equity Imventory O Fevenue ?? 10 Consignor's accounting for consigned gaods 5 no sain or lass. Inventory None of the above. 1
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