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  3. answer the following key sets of questions in the

Answer the following key sets of questions in the discussion forum. Identify whether...

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Accounting

Answer the following key sets of questions in the discussion forum.

  1. Identify whether the following items should be included in a companys ending inventory at December 31st:
    1. Goods sold to customer FOB destination point. Items were shipped on December 29th, arriving January 5th.
    2. Goods purchased from customer FOB shipping point. Items were shipped on December 30th, arriving January 4th.
    3. Goods held on consignment for a friend.
    4. Goods sold during in December, but estimated to be returned in January.
  2. What is the logic behind the lower of cost or net realizable value (LCNRV) principle?
  3. What does it mean that an inventory overstatement self-corrects?

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