E 6-1 - EXERCISE 6-1 Ending inventoryphysical count...

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Unformatted text preview: EXERCISE 6-1 Ending inventory—physical count ................................................ $297,000 1. No effect—title passes to purchaser upon shipment when terms are FOB shipping point .................................. 0 2. No effect—title does not transfer to Wilfred until goods are received .............................................................. 0 3. Add to inventory: Title passed to Wilfred when goods were shipped ....................................................................... 22,000 4. Add to inventory: Title remains with Wilfred until purchaser receives goods .................................................. 35,000 5. The goods did not arrive prior to year-end. The goods. therefore, cannot be included in the inventory ................. (44,000) Correct inventory ........................................................................... £310,000 ...
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