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  3. true or false- 1. goods purchased, shipped fob shi

true or false- 1. Goods purchased, shipped FOB shipping point, and in transit should be included in...

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Accounting

true or false-

1. Goods purchased, shipped FOB shipping point, and in transitshould be included in the purchasers year end inventory.

2. In a period of changing prices, the consistency principleprohibits a company from changing to a more favorable inventorycost method.

Explain reason in detail.

Answer & Explanation Solved by verified expert
3.6 Ratings (396 Votes)
Question 1 Goods purchased shipped FOB shipping point and in transit should be included in the purchasers year end inventory Answer 1 As per my view the related question is not complete because they have not given the details regarding the transfer of ownership and when it has been transfered this point becomes more important because this is the deciding factor about in whose inventory the goods to be included Soif the goods are shipped FOB shipping point control of the goods is    See Answer
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