The Yankee Wholesale Company sells merchandise to a variety of retailers. Yankee uses different freight terms with its various customers and suppliers. All sales are made on account. Required For each of the following transactions, indicate which company had ownership of the goods in transit: a. Yankee sold merchandise to X-Mart Stores, with shipping terms of F.O.B shipping point. AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores b. Yankee purchased merchandise from Zendo Manufacturing Company, with shipping terms of F.O.B destination. AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores c. Yankee sold merchandise to Mary's Boutique, with shipping terms of F.O.B destination. AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores d. Sunshine Manufacturing Company sold merchandise to Yankee, with shipping terms of F.O.B. shipping point. AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores e. Yankee purchased merchandise from Warfield Manufacturing Company, with freight terms of F.O.B. shipping point. AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores f. Stevenson Stores purchased merchandise from Yankee, with shipping terms of F.O.B. shipping point.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2EB: X Company accepts goods on consignment from C Company, and also purchases goods from P Company...

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Question

Goods in Transit

The Yankee Wholesale Company sells merchandise to a variety of retailers. Yankee uses different freight terms with its various customers and suppliers. All sales are made on account.

Required

For each of the following transactions, indicate which company had ownership of the goods in transit:

a. Yankee sold merchandise to X-Mart Stores, with shipping terms of F.O.B shipping point.
AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores

b. Yankee purchased merchandise from Zendo Manufacturing Company, with shipping terms of F.O.B destination.
AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores

c. Yankee sold merchandise to Mary's Boutique, with shipping terms of F.O.B destination.
AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores

d. Sunshine Manufacturing Company sold merchandise to Yankee, with shipping terms of F.O.B. shipping point.
AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores

e. Yankee purchased merchandise from Warfield Manufacturing Company, with freight terms of F.O.B. shipping point.
AnswerX-MartZendo Manufacturing CompanyYankee Wholesale CompanyStevenson Stores

f. Stevenson Stores purchased merchandise from Yankee, with shipping terms of F.O.B. shipping point.

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