Question Details

Goods that have been purchased FOB destination 


True or false 
1.	Transactions that affect inventories on hand have an effect on both the statement of financial position and the income statement.

	2.	The more inventory a company has in stock, the greater the company's profit.

	3.	Raw materials inventories are the goods that a manufacturer has completed and are ready to be sold to customers.

	4.	Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods.

	5.	Goods out on consignment should be included in the inventory of the consignor.




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