assignment7 - INTERMEDIATE ACCOUNTING Assignment #7 (CH8)...

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INTERMEDIATE ACCOUNTING Assignment #7 (CH8) Due date: Nov. 24, 2009 (Tuesday) Student name: ___________ Student ID: ___________ Please write your answer in each blank 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 1. Goods in transit which are shipped f.o.b. shipping point should be a. included in the inventory of the seller. b. included in the inventory of the buyer. c. included in the inventory of the shipping company. d. none of these. 2. Which of the following items should be included in a company's inventory at the balance sheet date? a. Goods in transit which were purchased f.o.b. destination. b. Goods received from another company for sale on consignment. c. Goods sold to a customer which are being held for the customer to call for at his or her convenience. d. None of these. 3. Valuation of inventories requires the determination of all of the following except a. the costs to be included in inventory. b. the physical goods to be included in inventory. c. the cost of goods held on consignment from other companies. d. the cost flow assumption to be adopted. 4. Cross Co. accepted delivery of merchandise which it purchased on account. As of December 31, Cross had recorded the transaction, but did not include
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assignment7 - INTERMEDIATE ACCOUNTING Assignment #7 (CH8)...

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