homework-chapter b tpart one value: 10.00 points 1. Jolie Company has shipped $5

Question

homework-chapter b tpart one value: 10.00 points 1. Jolie Company has shipped $500 of goods to China Co., and China Co. has arranged to sell the goods for Jolie. a. Identify the consignor. China Co. Jolie Co. b. Identify the consignee. China Co. O Jolie Co c. Which company should include any unsold goods as part of its inventory? China Co. Jolie Co. 2. At year-end, Jolie Co. had shipped $850 of merchandise FOB destination to China Co. Which company should include the $850 of merchandise in transit as part of its year-end inventory? China Co Jolie Co Hints References Hint#1 23 MacBook Pro

Explanation / Answer

1.a. Consignor: Jolie Co.

b. Consignee: China Co.

c. Jolie Co.

2. Jolie Co.

The consignor continues to be the owner of the goods on consignment until the time they are sold and hence the goods are reported as inventory by the consignor and not the consignee.

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