Intermediate Accounting: P8-2 The following inventory transactions took place (Rasul Company)

Intermediate Accounting 
P8-2 Items to be included in inventory 
The following inventory transactions took place near December 31, 2011 the end of the Rasul Company's fiscal year end: 
1. On December 27, 2011, merchandise costing $2,000 was shipped to the Myers Company on consignment. 
The shipment arrived at Myer's location on December 29, but none of the merchandise was sold by the end of the year. The merchandise was not included in the 2011 ending inventory. 
2. On January 5, 2012, merchandise costing $8,000 was received from a supplier and recorded as a purchase 
on that date and not included in the 2011 ending inventory. The invoice revealed that the shipment was made f.o.b. shipping point on December 28, 2011. 
3. On December 29, 2011, the company shipped merchandise costing $12,000 to a customer f.o.b. destination. 
The goods, which arrived at the customer's location on January 4, 2012 were not included in Rasul's 2011 ending inventory. The sale was recorded in 2011. 
4. Merchandise costing $4,000 was received on December 28, 2011, on consignment from the Aborn Company. A purchase was not recorded and the merchandise was not included in 2011 ending inventory. 
5. Merchandise costing $6,000 was received and recorded as a purchase on January 8, 2012. f.o.b. destination. The merchandise was not included in 2011 ending inventory. 

State whether Rasul correctly accounted for each of the above transactions. Give the reason for your answer.
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