33:010:272 Lecture Notes - Lecture 11: Shoplifting, Finished Good, Gross Profit
28 Dec 2019
School
Department
Course
Professor
Document Summary
Inventory: manufacturing company, three classifications, raw materials, work in process, finished goods. Legal title is determined by the terms of sale. Ownership of the goods passes to the buyer when the public carrier accepts the goods from the seller. Ownership of the goods remains with the seller until the goods reach the buyer. It arrived at a total inventory value of ,000. You have been given the information listed below. ,000, which was in transit (terms: fob shipping point). Solution: goods of ,000 held on consignment should be deducted from the inventory count, the goods of ,000 purchased fob shipping point should be added to the count. inventory. Inventory should be ,000 (,000 - ,000 + ,000). Illustration: crivitz tv company purchases three identical 50-inch tvs on different dates at costs of , , and . During the year crivitz sold two sets at ,200 each.
