Question:
Which of the following should not be included in the count of ending merchandise inventory?
A) Goods in transit to which a company has a title.
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BIR Inventory Lists in the Philippines – Explained!How to Organize Inventory SheetsInventory - Definition, What is Inventory, Advantages of Inventory, and Latest News - ClearTaxSpecial InTAX: January 2023 Issue 1 | Volume 2 - KPMG PhilippinesB) Damaged goods to be sold at a reduced price.
C) Goods sold but not yet delivered.
D) Goods in warehouses.
Ending Inventory:
The stock that the organization fails to sell or is under process, due to which it cannot be sold to the consumers, then is referred to as the ending inventory. The management can employ various approaches to value this stock.
Answer and Explanation:1
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The correct option is C)
The amount of goods or units supplied by the organization is not included in the ending inventory. The ownership or the...
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