Where should goods in transit that were recently purchased f.o.b. destination be included on the balance sheet? a. Accounts payable. b. Inventory. c. Equipment. d. Not on the balance sheet. What is consigned inventory? a. Goods that are shipped, but title transfers to the receiver. b. Goods that are sold, but payment is not required until the goods are sold. c. Goods that are shipped, but title remains with the shipper. d. Goods that have been segregated for shipment to a customer. An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is a. FIFO. b. LIFO. c. base stock. d. weighted-average. Duchess Company had 250 units of Snowflake Flour in its inventory at a cost of $5.00 each. It purchased, for $1, 200, 150 more units of the flour. Duchess then sold 300 units at a selling price of $10.00 each, resulting in a gross profit of $1, 050. The cost flow assumption used by Duchess a. is FIFO. b. is LIFO. c. is weighted average. d. cannot be determined from the information given. The designated market value a. is always the middle value of replacement cost, net realizable value, and net realizable vaV less a normal profit margin. b. should always be equal to net realizable value. c. may sometimes exceed net realizable value. d. should always be equal to net realizable value less a normal profit margin