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The following are several items that the controller of the Golosow Company has questioned regarding their inclusion in Inventory: 1. An invoice has been received for goods ordered. The goods were...

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The following are several items that the controller of the Golosow Company has questioned regarding their inclusion in Inventory:
1. An invoice has been received for goods ordered. The goods were shipped FOB destination but have not been received.
2. Purchases have been ordered and received, but no invoice has arrived.
3. Product was shipped to a customer today, FOB destination, and the invoice mailed.
4. Purchases are in the receiving department but they are damaged and will be returned.
5. Product is in the shipping department and the invoice has not been mailed to the customer.
6. Product is in the receiving department. It was returned by a customer without notification.

Required
For each of the preceding items indicate whether Golosow should include them in Inventory.

Answered Same Day Dec 31, 2021

Solution

David answered on Dec 31 2021
130 Votes
The following are several items that the controller of the Golosow Company has
questioned regarding their inclusion in Inventory:
1) An invoice has been received for goods ordered. The goods were shipped FOB
destination but have not been received.
It will not be included in inventory as the goods have not reached the destination
still.
2. Purchases have been ordered and received, but no invoice has a
ived....
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