RSM220H1 Chapter Notes - Chapter 8: Railways Act 1921, Executory Contract, Perpetual Inventory
Document Summary
Monitor inventory levels carefully to minimize carrying costs and meet customer demands. If the goods are shipped fob shipping point, the legal title passes to the buyer when the seller delivers the goods to the common carrier (transporter), who then acts as an agent for the buyer o. Curtailing and controlling the receipt and shipment of goods around the time of the count. Marking freight and shipping documents as before and after the inventory count. Ensuring that receiving reports on goods received before the count are linked to invoices that are also recorded in the same period. Consigned goods: when the consignee sells the consigned goods, the revenue, less a selling commission and expenses incurred in accomplishing the sale, is remitted to the consignor. Sales with buyback agreements: under the terms of these types of arrangements, the purchaser agrees to buy the inventory and then sell it back later to the same supplier. o.
