Reference no: EM132882728
Problem - Items Included in Inventory - The following are several items that Golosow Company's controller has questioned regarding their inclusion in inventory:
a. An invoice has been received for goods ordered. The goods were shipped FOB destination but have not been received.
b. Purchases have been ordered and received (shipping terms were FOB destination), but no invoice has arrived.
c. Product was shipped to a customer today, FOB destination, and the invoice mailed.
d. Purchases are in the receiving department, but they are damaged and will be returned.
e. Product is in the shipping department, and the invoice has not been mailed to the customer. Shipping terms are FOB shipping point.
f. Golosow has inventory in its possession from Tate Company. The inventory is to be sold by Golosow under a consignment arrangement with Tate.
Required -
1. For each of the preceding items, indicate whether Golosow should include them in inventory. Justify your answer.
2. Describe the basic criterion for including items in inventory.
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