Question Details

Manufacturers usually classify inventory 


1.	If goods in transit are shipped FOB destination
a.	the seller has legal title to the goods until they are delivered.
b.	the buyer has legal title to the goods until they are delivered.
c.	the transportation company has legal title to the goods while the goods are in transit.
d.	no one has legal title to the goods until they are delivered.
	2.	An auto manufacturer would classify vehicles in various stages of production as
a.	finished goods.
b.	merchandise inventory.
c.	raw materials.
d.	work in process.

	3.	Which of the following should be included in the physical inventory of a company
a.	Goods held on consignment from another company.
b.	Goods in transit to another company shipped FOB shipping point.
c.	Goods in transit from another company shipped FOB shipping point.
d.	Both b and c above.
	4.	Manufacturers usually classify inventory into all the following general categories except:
a.	work in process
b.	finished goods
c.	merchandise inventory
d.	raw materials

	5.	Blosser Company's goods in transit at December 31 include:
sales made	purchases made
	(1)	FOB destination	(3)	FOB destination
	(2)	FOB shipping point	(4)	FOB shipping point
Which items should be included in Blosser's inventory at December 31?
a.	(2) and (3)
b.	(1) and (4)
c.	(1) and (3)
d.	(2) and (4)




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