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Homework answers / question archive / Maycees Company took a physical inventory on December 31
Maycees Company took a physical inventory on December 31. Should the following items be included (I) or excluded (E) from Maycees Company's inventory on December 31?
| Included or Excluded | |
| 1. Maycees had received merchandise on a consignment basis from a supplier for display in Maycees' store on December 31. | |
| 2. On December 27, Maycess Company purchased merchandise from a supplier, FOB Shipping Point. The merchandise was shipped on December 29th but had not been received by Maycees Company December 31. | |
| 3. Merchandise sold by Maycees Company FOB Destination on December 31 was picked up by the freight company at the Maycees warehouse just before midnight on December 31 |
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