Michael Company shipped merchandise to PJ Sales on December 31, Year 1, terms FOB destination. The merchandise arrives at PJ’s on January 4, Year 2. Which company should include the inventory on its December 31, Year 1 balance sheet?
| Click Here to View All Chapter 6 Problems at Once | View | ||
| 1 | Consignment Inventory | Easy | |
| 2 |
FOB Destination
You are here. |
Easy | |
| 3 | Inventory Set Aside | Easy | |
| 4 | Categorizing Cash & Cash Equivalents | Moderate | |
| 5 | FOB Shipping | Moderate | |
| 6 | FOB Shipping | Moderate | |
| 7 | Bank Reconciliation | Hard | |
| 8 | The Effect of Inventory Errors | Hard |
| 1 | Cash and Cash Equivalents | 7:52 | |
| 2 | Bank Reconciliations: What and Why | 9:38 | |
| 3 | Bank Reconciliations: How | 20:57 | |
| 4 | Debit and Credit Memos | 5:21 | |
| 5 | Fixing Mistakes in Bank Recs | 8:32 | |
| 6 | COGS and Inventory | 2:57 | |
| 7 | Net Sales | 10:03 | |
| 8 | Perpetual vs Periodic | 7:10 | |
| 9 | FOB Shipping? | 8:51 | |
| 10 | Transportation In | 8:41 | |
| 11 | COGS | 6:18 | |
| 12 | Drawbacks to Periodic | 6:07 |