Barnes Company is taking a physical inventory on March 31, the last - 12305

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Request Description

Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count? (Points : 3)
Goods in transit to Barnes, FOB destination
Goods that Barnes is holding on consignment for Parker Company
Goods in transit that Barnes has sold to Smith Company, FOB shipping point
Goods that Barnes is holding in inventory on March 31 for which the related Accounts Payable is 15 days past due

Solution Description

Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count? (Points : 3)
Goods in transit to B