Smart Company identifies the following items for possible inclusion in the taking of a physical inventory.

1.Goods shipped on consignment by Smart to another company.
2.Goods in transit from a supplier shipped FOB destination.
3.Goods sold but being held for customer pickup.
4.Goods held on consignment from another company.

Indicate whether each item should be included or excluded from the inventory taking.

(a)(Included) or (Excluded)
(b)(Included) or (Excluded)
(c)(Included) or (Excluded)
(d)(Included) or (Excluded)

Question

23-03-2020
Business

contestada

Smart Company identifies the following items for possible inclusion in the taking of a physical inventory.

1.Goods shipped on consignment by Smart to another company.
2.Goods in transit from a supplier shipped FOB destination.
3.Goods sold but being held for customer pickup.
4.Goods held on consignment from another company.

Indicate whether each item should be included or excluded from the inventory taking.

(a)(Included) or (Excluded)
(b)(Included) or (Excluded)
(c)(Included) or (Excluded)
(d)(Included) or (Excluded)

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majorprofessional majorprofessional · Answer 1 · 2020-03-26T03:27:11+01:00

Answer:

1. Goods shipped on consignment by Smart to another company will be included in the taking of a physical inventory. This is because the company retains the ownership of the goods until the goods is sold. If the goods still remain in the store of the consignee, such goods will be regarded as part of inventory of Smart Company.

2. Goods in transit from a supplier shipped on FOB destination will be excluded to pyhsical inventory of Smart company. FOB destination means that the title or ownership of the goods will be transferred only when goods reach destination. since the goods is yet to be received by Smart company, it cannot claim onwership

3. Goods sold but being held for customer pickup will be excluded from inventory taking. once goods has been sold, the ownership has been passed to the buyer.

4. Goods held on consignment from another company will be included in the taking of a phsical inventory but will be added to the inventory of the Smart company. it will be recorded separately.

Explanation: