Madison Company identifies the following items for possible…
Madison Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. 3,000 units of inventory in transit from a supplier shipped FOB shipping point. [answer1] 1,000 units of inventory shipped on consignment from Madison Company to another company. [answer2] 200 units of inventory held on consignment from another company. [answer3] 1,250 units of inventory sold but being held for customer pickup. [answer4]
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