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8 Cards in this Set

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Items should be included in a company's inventory if they are being helf for sale and the company has complete and unrestricted ownership. Purchases shoudl be recorded when legal title to the items passes from the seller to the buyet.
General Rule
Goods owned by one party (consignor), but held for sale by another party (consignee).
Goods on Consignment
Items not in the physical possession of either buyer or seller as of a point in time because the goods are in transit from the seller to the buyer.
Goods in Transit
Indicates that the seller is responsible for the goods only to the point from which they are shipped
FOB(free on board) shipping point
Indicates that the seller is responsible for the goods all the way to their destination
FOB(free on board) destination
Indirect materials, indirect labor, depreciation of fixed assets, and utility and insurance costs
overhead costs
Sears, Wal Mart, JC Penny's purchase inventories and sell them for prices that exceed their cost are called
Retail Companies
IBM, GE, Johnson & Johnson purchase raw materials and use processes involving labor and other costs to manufacture their inventories
Manufacturing Companies