E7-1 (Static) Reporting Goods in Transit and Consignment Inventory [LO 7-1] The RealReal, Incorporated, is a public company that sells authenticated luxury goods, similar to Second Chance Clothing (SCC). SCC acquires its goods on consignment and through purchase. The following events occurred close to SCC's October 31 year-end. Required: Indicate (Yes or No) whether SCC should include each item in its inventory balance at October 31.

a. On November 2, SCC received goods on consignment from Apparel Corporation.

b. On October 31, SCC received goods on consignment from Apparel Corporation.

c. Goods in transit to SCC were shipped by Shoe, Incorporated, on October 31, FOB shipping point.

d. Goods in transit to SCC were shipped by Shoe, Incorporated, on October 31, FOB destination.

E7-1 (Static) Reporting Goods in Transit and Consignment Inventory [LO 7-1] The RealReal, Incorporated, is a public company that sells authenticated luxury goods, similar to Second Chance Clothing (SCC). SCC acquires its goods on consignment and through purchase. The following events occurred close to SCC's October 31 year-end. Required: Indicate (Yes or No) whether SCC should include each item in its inventory balance at October 31