30.What is consigned inventory? a.Goods that are shipped, but title transfers to the receiver.b.Goods that are sold, but payment is not required until the goods are sold.c.Goods that are shipped, but title remains with the shipper.d.Goods that have been segregated for shipment to a customer. 31.When using a perpetual inventory system, 32.Goods in transit which are shipped f.o.b. shipping point should be 33.Goods in transit which are shipped f.o.b. destination should be 8 - 9
34.Which of the following items should be included in a company's inventory at the balancesheet 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 herconvenience.d.None of these.Use the following information for questions 35 and 36.During 2010 Carne Corporation transferred inventory to Nolan Corporation and agreed torepurchase the merchandise early in 2011. Nolan then used the inventory as collateral to borrowfrom Norwalk Bank, remitting the proceeds to Carne. In 2011 when Carne repurchased theinventory, Nolan used the proceeds to repay its bank loan. 35.This transaction is known as a(n) 36.On whose books should the cost of the inventory appear at the December 31, 2010balance sheet date? 37.Goods on consignment are S
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- Fall '15
- Thirteenth Edition