Shippers Ltd. had the following inventory situations to consider at January 31, its year end:

1. Goods held on consignment for Boxes Unlimited since December 22

2. Goods shipped on consignment to Rinehart Holdings Ltd. on January 5

3. Goods that are still in transit and were shipped to a customer FOB destination on January 29

4. Freight costs due on goods in transit from item 3 above

5. Goods that are still in transit and were shipped to a customer FOB shipping point on January 29

6. Goods that are still in transit and were purchased FOB destination from a supplier on January 25

7. Goods that are still in transit and were purchased FOB shipping point from a supplier on January 25

Instructions

Identify which of the above items should be included in inventory. If an item should not be included in inventory, state where it should be recorded.