Asked by Apple joy!!! on May 21, 2024
Verified
Unsold consigned merchandise should be included in the consignee's inventory.
Consigned Merchandise
Goods that are sent by their owner (consignor) to an agent (consignee), who tries to sell the goods for a fee without taking ownership.
- Appreciate the critical role of correct inventory reporting in financial statements.
Verified Answer
MZ
Mayte ZambranoMay 24, 2024
Final Answer :
False
Explanation :
Unsold consigned merchandise remains the property of the consignor until sold and should not be included in the consignee's inventory.
Learning Objectives
- Appreciate the critical role of correct inventory reporting in financial statements.
Related questions
Safeguarding Inventory and Proper Reporting of the Inventory in the ...
The Adjusting Entry to Reflect Inventory Shrinkage Is a Debit ...
A Merchandiser's Classified Balance Sheet Reports Merchandise Inventory as a ...
During the Taking of Its Physical Inventory on December 31 ...
Merchandise Inventory at the End of the Year Is Overstated ...