Which item should not be included in the income statement's cost of inventory? The purchase price of the goods. Cost for normal storage of the goods. Costs incurred in preparing the goods for sale Costs associated with receiving and inspecting the goods In performing a stocktake care must be taken with goods in transit. Which of the following statements is correct? Stock on consignment is regarded as sold by the consignor. Stock on consignment is included in the stock of the consignee. Stock on consignment is included in the stock of the consignor. Goods in transit should be included in both the purchaser's and the seller's inventory