Consider each of the following independent situations. Should a company report the goods in its inventory?
(a) Goods purchased by the company with shipping terms FOB shipping point that are in transit at the end of the year.
(b) Goods received by the company on consignment.
(c) An estimate of the amount of goods sold by the company that it expects the buyer to return.
(d) Goods required to be purchased by the company under an unconditional purchase obligation.