Abercrombie & Fitch Co. reported the following in its financial statement notes. Ending inventory balances were $

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Abercrombie & Fitch Co. reported the following in its financial statement notes.
Ending inventory balances were $ 427.0 million, $ 679.9 million, and $ 464.6 million at February 2, 2013; January 28, 2012; and January 29, 2011, respectively. These balances included inventory in transit balances of $ 34.8 million, $ 103.1 million, and $ 55.0 million at February 2, 2013; January 28, 2012; and January 29, 2011, respectively. Inventory in transit is considered to be all merchandise owned by Abercrombie & Fitch that has not yet been received at an Abercrombie & Fitch distribution center.
Was the inventory in transit sold to Abercrombie & Fitch as FOB shipping point or FOB destination?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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