What is a consigned inventory

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Problem 1: What is a consigned inventory?

a) Goods that are shipped and title transfer to the consignee.

b) Goods that are sold but payment is not required until the goods are sold.

c) Goods that are shipped but title remains with the consignor.

d) Goods that have been segregated for shipment to a customer.

Problem 2: Which of the following inventory estimating procedure is allowed even for annual reporting purposes?

           GPM            RIM

a) Allowed           Allowed

b) Not Allowed     Allowed

c) Allowed Not       Allowed

d) Not Allowed      Not Allowed

Reference no: EM132969857

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