Reference no: EM131241196
Problem -
In an annual audit on December 31, 2016, Novelty Company provided the following transactions:
1. Merchandise was received on January 8, 2017, and the related purchase invoice recorded on January 5, 2017. The invoice showed the shipment was made on December 29, 2016, FOB destination.
2. Merchandise was received on December 28, 2016, and the invoice was not recorded. It was located in the hands of the purchasing agent and was marked on consignment.
3. A packing case containing merchandise was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked "Hold for shipping instructions."
An investigation revealed that the customer's order was dated December 18, 2016, but the case was shipped and the customer billed on January 10, 2017.
4. Merchandise received on January 6, 2017 was recorded as a purchase on January 7, 2017.
The invoice showed shipment was made FOB supplier's warehouse on December 31, 2016. Since it was not on hand on December 31, 2016, it was not included in inventory.
5. A special article, fabricated to order for a customer, was finished and in the shipping room on December 31, 2016.
The customer was billed on that date and the article was excluded from inventory although it was shipped on January 4, 2017.
Required:
State whether the merchandise should be included in the inventory on December 31, 2016 and state the reason for each item.
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