(Choose 1 answer)
(1970)
ACB Co. agreed to purchase $150,000 inventories from XZY Co. XZY shipped the goods FOB destination. On December 31, ACB Co. was aware that the goods had been shipped and would be received any day in January. Which statement is true?
A. ACB Co. should include the goods in its inventory calculated on December 31.
B. ACB Co. should include the goods in its inventory calculated on December 31, but should not record the obligation to pay for them.
C. ACB Co. should not include the goods in its inventory calculated on December 31, but should include the related payable on its balance sheet at December 31.
D. ACB Co. should not include the goods in its inventory calculated on December 31, nor the related payable on its balance sheet at December 31.
E. None of these
an tot ni
Exit 28
