Goods in transit are included in a purchaser's inventory: Multiple Choice O O At any time...
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Goods in transit are included in a purchaser's inventory: Multiple Choice O O At any time during transit. If the goods are shipped FOB shipping point. When the supplier is responsible for freight charges. If the goods are shipped FOB destination. After the half-way point between the buyer and seller. Consignment goods are: Multiple Choice O Goods shipped by the owner to the consignee who sells the goods for the owner. Reported in the consignee's books as Inventory. Goods shipped to the consignor who sells the goods for the owner. Not reported in the consignor's Inventory since they do not have possession of the Inventory. Always paid for by the consignee when they take possession. Goods in transit are included in a purchaser's inventory: Multiple Choice O O At any time during transit. If the goods are shipped FOB shipping point. When the supplier is responsible for freight charges. If the goods are shipped FOB destination. After the half-way point between the buyer and seller. Consignment goods are: Multiple Choice O Goods shipped by the owner to the consignee who sells the goods for the owner. Reported in the consignee's books as Inventory. Goods shipped to the consignor who sells the goods for the owner. Not reported in the consignor's Inventory since they do not have possession of the Inventory. Always paid for by the consignee when they take possession.
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1 The answer is option 3 when the purchaser is responsible for paying freight charges Such freight t... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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