1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
frosja888 [35]
3 years ago
14

The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventor

y on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. Required: Determine if each of the items below should be included or excluded from the company's year-end inventory.
1. Merchandise held on consignment for Trout Creek Clothing.
2. Goods shipped f.o.b. destination on December 28 that arrived at the customer's location on January 4.
3. Goods purchased from a vendor shipped f.o.b. shipping point on December 26 that arrived on January 3.
4. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer's location on January 5.
5. Phoenix had merchandise on consignment at Lisa's Markets, Inc.
6. Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3.
7. Freight charges on goods purchased in 3.

Required:
Determine if each of the items above should be included or excluded from the company's year-end inventory.
Business
1 answer:
lutik1710 [3]3 years ago
3 0

Answer:

1. Merchandise held on consignment for Trout Creek Clothing.

  • Excluded from the company's year-end inventory because they belong to another company.

2. Goods shipped f.o.b. destination on December 28 that arrived at the customer's location on January 4.

  • Included in the company's year-end inventory because FOB destination shipments transfer ownership only after they are delivered, not while on transit.

3. Goods purchased from a vendor shipped f.o.b. shipping point on December 26 that arrived on January 3.

  • Included in the company's year-end inventory because FOB shipping point shipments transfer ownership after they leave the seller's facilities.

4. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer's location on January 5.

  • Excluded from the company's year-end inventory because FOB shipping point shipments transfer ownership after they leave the seller's facilities, so they belong to the buyer now.

5. Phoenix had merchandise on consignment at Lisa's Markets, Inc.

  • Included in the company's year-end inventory because merchandise on consignment belong to the company, not to Lisa' Market.

6. Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3.

  • Excluded from the company's year-end inventory because FOB destination shipments transfer ownership only after they have been delivered, not while in transit.

7. Freight charges on goods purchased in 3.

  • Included in the company's year-end inventory because freight costs under FOB shipping point are paid by the buyer.

You might be interested in
What is the economic term for the practice of assigning small parts of a complicated job to individual workers who specialize in
Dominik [7]
The economic term for the practice of assigning small parts of a complicated job to individual workers who specialize in doing just their small <span>part is "division of labor".</span>
7 0
3 years ago
2. "Because corporations do not actually raise any funds in secondary markets, secondary markets are less important to the econo
gladu [14]

Explanation:

I disagree with this argument, it can be said that the secondary market is equally or more important than the primary market, due to the fact that it is the secondary markets that determine what will be the prices that the companies that issue bonds will sell in the primary market.

Secondary markets can also be considered to be responsible for making securities easier to sell in the primary market due to their greater liquidity.

4 0
3 years ago
Yoshino, Inc., a merchandising company, has the following budgeted figures:
erik [133]

Answer:

B

Explanation:

It is said that the required ending inventory for the month is $15000 and 20% of the next month's sales.

We are considering the month of march here, therefore the ending merchandise inventory is $15000- and 20% of April's sales.

Given:

April's sales = $91,000

Hence, 20% of April's sales = 0.2*91000 = $18200

Hence, ending merchandise inventory for March = 15000 + 18200 = $33,200

5 0
3 years ago
Each of the following people bought a watch that costs $300. Which of the following people will pay the most for their purchase
KATRIN_1 [288]

Sarah because cash has no intrest.

8 0
3 years ago
Read 2 more answers
Which challenge leads to development of incorrect features and functionalities in IS?
MrRa [10]

Answer:

D.

project completion constraints

Explanation:

can u make this brainly

6 0
2 years ago
Read 2 more answers
Other questions:
  • Samantha put $18,500 into a savings account. after one month, the savings account grew to $18,962.50. after the second month, it
    12·2 answers
  • What is the fundamental rethinking of business processes to bring about dramatic improvements in​ performance?
    12·1 answer
  • Exeter Company acquires 35% of the voting stock of Fenton Corporation for $7,000,000 on January 1, 2020. At the time, the book v
    14·1 answer
  • This term refers to the percentage of the civilian workforce who are available for a job but do not have one.
    12·1 answer
  • Quiz during the class. Calculate the WACC which represents the "hurdle rate" for a typical project with average risk using midpo
    14·1 answer
  • A federal tax is paid to?
    7·2 answers
  • Are the actions undertaken by the companies or individuals in the following scenarios legal or illegal pursuant to U.S. law? Ple
    13·1 answer
  • "Minimum wage laws cause unemployment because the legal minimum wage is set" 9) A) above the market wage, causing labor demand t
    13·1 answer
  • Blank______ levels of withdrawal behavior are closely correlated with a Blank______ degree of organizational commitment.
    14·1 answer
  • In general, economists define a recession as ______ or more consecutive three-month periods of decline in a country's gdp.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!