Items to Be Included in Ending Inventory

question 112

Short Answer

Items to be included in ending inventory
During the year, the following transactions took place for Blades Corporation. For each transaction, indicate whether the inventory should be included in Blades' inventory at the end of the year.
a) On December 31, the last day of the fiscal year, Baldes shipped 1,000 units to one of its customers. The product has not yet been received by the end of the day. Terms were FOB destination point.
b) Blades shipped some product to a customer, who received the product on December 15. Terms of sale call for payment on January 10 of the following year.
c) Roller Corporation is holding inventory on consignment for Blades. On December 31, 30% of the inventory is still at Roller's location.
d) Blades' manager instructed an employee to drive some inventory off-site so it could be considered sold during the fiscal year.

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Definitions:

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