Farley Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be included or excluded from the inventory taking.

a. Goods shipped on consignment by Farley to another company.

b. Goods in transit from a supplier shipped FOB destination.

c. Goods sold but being held for customer pickup.

d. Goods held on consignment from another company.

The discussion of the standards for selection of peanuts that will be used in m& ms and the placement of the m& m logo on the candies speaks to which building block of a sustainable competitive advantage:

Vincent enjoys investing his money in ways that can generate a return. he realizes that also a chance that his investment will decrease in value. this chance is known as a. opportunity cost b. risk c. recession d. deterioration

In march 2018, the phillips tool company signed two purchase commitments. the first commitment requires phillips to purchase inventory for $110,000 by june 15, 2018. the second commitment requires the company to purchase inventory for $160,000 by august 20, 2018. the company's fiscal year-end is june 30. phillips uses a periodic inventory system. the first commitment is exercised on june 15, 2018, when the market price of the inventory purchased was $90,000. the second commitment was exercised on august 20, 2018, when the market price of the inventory purchased was $125,000. required: prepare the journal entries required on june 15, june 30, and august 20, 2018, to account for the two purchase commitments. assume that the market price of the inventory related to the outstanding purchase commitment was $144,000 at june 30. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)