Use the chart provided below to determine the impact if a company forgets to include $3,500 of inventory that was shipped FOB shipping point on December 25, 2013 but was still in transit at year end. The purchase invoice was processed in fiscal 2014.
Definitions:
Critical Path Method
A project management technique used to schedule project activities by identifying the longest sequence of dependent tasks.
Gantt Chart
A graphical display of the scheduling of tasks required to complete a project.
One-Time Events
Occurrences or activities that happen once and are not repeated, often unique or significant in nature.
Defined Time Period
A set duration, clearly specified, within which activities, processes, or events are to be initiated and completed.
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