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Homework Session 13 Spring 2010

Homework Session 13 Spring 2010 - Session 13 Homework...

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Session 13 Homework Spring 2010 P7–1. Item Amount Explanation Ending inventory (physical count on December 31, 2010) $65,000 Per physical inventory. a. Goods out on trial to customer + 750 Goods held by a customer on trial are still owned by the vendor; no sale or transfer of ownership has occurred. b. Goods in transit from supplier Goods shipped by a supplier, F.O.B. destination, are owned by the supplier until delivery at destination. c. Goods in transit to customer Goods shipped to customers, F.O.B. shipping point, are owned by the customer because ownership passed when they were delivered to the transportation company. The inventory correctly excluded these items. d. Goods held for customer pickup 1,590 The goods sold, but held for customer pickup, are owned by the customer. Ownership has passed. e. Goods purchased and in transit + 2,550 Goods purchased and in transit, F.O.B. shipping point, are owned by the purchaser. f. Goods sold and in transit + 850 Goods sold and in transit, F.O.B.
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