Introduction to accounting for inventory, Accounting Basics

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Introduction to accounting for inventory

Assignment task:

Section - INTRODUCTION TO ACCOUNTING FOR INVENTORY

1. Your calendar year company places the following orders on December 27. Indicate which of the orders will be reflected on this year's financial statements.

a. Goods shipped December 28, FOB shipping point and received January 2.

b. Goods shipped December 27, FOB destination and received January 4.

c. Goods shipped January 2, FOB shipping point and received January 3.

d. Goods shipped FOB destination December 28 and received December 30.

2. Your company places the following orders on September 25. Indicate which orders will be reflected on the balance sheet for the year ended September 30.

a. Goods are shipped FOB destination September 28 and received September 30.

b. Goods are shipped FOB destination September 27 and received October 2.

c. Goods are shipped FOB shipping point September 28 and received October 2.

d. Goods are shipped FOB shipping point October 1 and received October 3.

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Accounting Basics: Introduction to accounting for inventory

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