work: Chapter $6$

estion $1$ of $5$

ato Inc. had the following inventory situations to consider at January $31,$ its year$-$end.

dentify which of the items below should be included in inventory.

$($a$)$ Goods held on consignment for Steele Corp. since December $12.$

$($b$)$ Goods shipped on consignment to Logan Holdings Inc. on January $5.$

$($c$)$ Goods shipped to a customer, FOB destination, on January $29$ that are still in transit.

$($d$)$ Goods shipped to a customer, FOB shipping point, on January $29$ that are still in transit.

$($e$)$ Goods purchased FOB destination from a supplier on January $25$ that are still in transit.

$($f$)$ Goods purchased FOB shipping point from a supplier on January $25$ that are still in transit.

$($g$)$ Office supplies on hand at January $31.$