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Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, the company's year-end. The accountant counted everything that was in the warehouse as of February 28, which resulted in an ending inventory valuation of $48,000. However, she didn't know how to treat the following transactions-
a) On February 26, Seller Inc. shipped goods to Queens FOB destination. The invoice price was $350.The receiving report indicates that the goods were received by Queens on March 2.
b) On February 28, Queens packaged goods and had them ready for shipping to a customer FOB destination. The invoice price was $350; the cost of the items was $250.The receiving report indicates that the goods were received by the customer on March 2.
c) Queens also had $400 of inventory on consignment of Jasper craft shop.
Instructions:
Question 1: For each of the above transactions, specify whether the item in question should be included in ending inventory, indicate who owns it?
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