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1. Where should goods in transit that were recently purchased fo.b. destination be included on...

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Accounting

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1. Where should goods in transit that were recently purchased fo.b. destination be included on the balance sheet? A) Accounts payable. B) Inventory. C) Equipment. D) Not on the balance sheet. 2. Morgan Manufacturing Company has the following account balances at year end: Office supplies S 4,000 27,000 59,000 97,000 6,000 Raw materials Work-in-process Finished goods Prepaid insurance What amount should Morgan report as inventories in its balance sheet? A) $97,000. B) $101,000. C) $183,000. D) $187,000. 3. What is consigned inventory? A) Goods that are shipped, but title transfers to the receiver. B) Goods that are sold, but payment is not required until the goods are sold. C) Goods that are shipped, but title remains with the consignor. Goods that have been segregated for shipment to a customer. D) 4. If a company uses the periodic inventory system, what is the impact on net income of including goods in. transit f.o.b. shipping point in purchases, but not ending inventory? Overstate net income. A) Understate net income. B) C) No effect on net income. Not sufficient information to determine effect on net income. D)

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