Current Attempt in Progress

Gato Inc. had the following inventory situations to consider at January $31,$ its year$-$end.

Identify which of the preceding items should be included in inventory.

$($a$)$ Goods held on consignment for Steele Corp. since December $12.$

$($b$)$ Goods shipped on consignment to Logan Holdings Inc. on January $5.$

Do not Include in Inventory

Include in Imentory

$($c$)$ Goods shipped to a customer, FOB destination, on January $29$ that are still in transit.

$($d$)$ Goods shipped to a customer, FOB shipping point, on January $29$ that are still in transit.

$($e$)$ Goods purchased FOB destination from a supplier on January $25$ that are still in transit.

Goods purchased FOB shipping point from a supplier on January $25$ that are still in

$($f$)$ transit.

$($g$)$ Office supplies on hand at January $31$

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