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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?

To determine

Goods in transit:

Goods in transit can be described as the inventories which are shipped by the seller by using different mode of transportation but are yet to reach the buyer. The ownership of goods in transit depends on the legal title to the goods which further depends on the terms of the sale.

To state: the reporting of unsold inventory in case of goods sold on consignment basis.

Explanation

The manufacturer retains the goods until the goods are sold. Thus, any unsold merchandise inventory at the end of the financial year is considered to be a part of manufa...

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