Business, 21.02.2020 16:45 rachelrogers85
As the accounting consultant for Wood Company, a merchandising company, you have been asked to assist management in determining the proper accounting for items related to merchandise inventory.
Required:
For each of the following four items, determine whether or not each would be included in the cost of ending merchandise inventory.
Included or not incuded?
1. Sales commissions
2. Cost of taking physical inventory
3. Cost of goods in transit, purchased, terms: FOB Shipping Point
4. Sales Discounts
Answers: 3
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As the accounting consultant for Wood Company, a merchandising company, you have been asked to assis...
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