What’s the answer COVID Co's fiscal year ends on December 31. COVIDdetermines inventory quantity by a physical count ofinventory on hand at the close of business onDecember 31. The company's controller has asked foryour help in deciding if the following items should beincluded in the year-end inventory count.1. Goods purchased from a vendor shipped f.o.b.shipping point on December 24 that arrivedon January 4.2. Goods shipped f.o.b. shipping point on December27 arrived at the customer's location on January 4.3. Goods purchased from a vendor shipped f.o.b.destination on December 27 that arrived on January 5.4. Freight charges on goods purchased in item 1.5. Merchandise held on consignment for Virus Co.6. Goods shipped f.o.b. destination on December 29that arrived at the customer's location on January 2.Required:Determine if each of the six items above should beincluded or excluded from the company's year-endinventory.(Answer format: 1. Excluded or Included)

Explanation 1) Included: Gooods are purchased terms fob shipping point on Dec 24 no mattter that…

COVID Co's fiscal year ends on December 31. COVID determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked fo your help in deciding if the following items should be- included in the year-end inventory count. 1. Goods purchased from a vendor shipped f.o.b. shipping point on December 24 that arrived on January 4. 2. Goods shipped f.o.b. shipping point on Decembe 27 arrived at the customer's location on January 4. 3. Goods purchased from a vendor shipped f.o.b.

COVID Co's fiscal year ends on December 31. COVID determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked fo your help in deciding if the following items should be- included in the year-end inventory count. 1. Goods purchased from a vendor shipped f.o.b. shipping point on December 24 that arrived on January 4. 2. Goods shipped f.o.b. shipping point on Decembe 27 arrived at the customer's location on January 4. 3. Goods purchased from a vendor shipped f.o.b.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...

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