Who is responsible for selling the goods in a consignment arrangement?

A company purchases goods with FOB shipping point terms. The goods are in transit on the last day of the accounting period. Who owns the goods?

A consignee sells consigned goods for \$5,000 and earns a 10% commission. What is the revenue recognized by the consignee?

A consignee sells consigned goods for \$10,000 and earns a 15% commission. What is the liability owed to the consignor?

A company sells goods with FOB destination terms. The goods are in transit on the last day of the accounting period. Should these goods be included in the company's inventory?

A company purchases goods with FOB destination terms. The goods are in transit on the last day of the accounting period. Should these goods be included in the company's inventory?

In a consignment arrangement, who retains ownership of the goods until they are sold?

How do consigned goods affect the financial statements of the consignee?

A company using a perpetual inventory system discovers a discrepancy between the physical count and the inventory records. What could be a possible reason for this discrepancy?

In a perpetual inventory system, what is the purpose of a physical inventory count?