Question

Second Chance Clothing (SCC) obtains goods on consignment and through purchase and sells them to others. The following events occurred close to SCC’s October 31 year-end.
_____ a. On November 2, SCC received goods on consignment from Apparel Corp.
_____ b. On October 31, SCC received goods on consignment from Apparel Corp.
_____ c. Goods in transit to SCC were shipped by Shoe, Inc., on October 31, FOB shipping point.
_____ d. Goods in transit to SCC were shipped by Shoe, Inc., on October 31, FOB destination.
Required:
Indicate (Yes or No) whether SCC should include each item in its inventory balance at October 31.


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  • CreatedNovember 02, 2015
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