Whitmore Company Identifies the Following Items for Possible Inclusion in the Physical

question 145

Essay

Whitmore Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking.
1. Goods shipped on consignment by Whitmore to another company.
2. Goods in transit from a supplier shipped FOB destination.
3. Goods shipped via common carrier to a customer with terms FOB shipping point.
4. Goods held on consignment from another company.

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Definitions:

Provisional Settlement

A temporary arrangement or agreement reached between parties, pending a final decision or settlement.

Unauthorized Use

The use of something, typically intellectual property or physical assets, without the permission or rights to do so.

ATM Card

A card used together with a personal identification number (PIN) to gain access to an automatic teller machine (ATM).

Executor

An individual appointed by a will to execute or carry out the instructions and distribute the estate of the deceased.