Mateo Inc. had the following inventory situations to consider at January 31, its year-end. (a) Goods held on consignment for Schrader Corp. since December 12.
(b) Goods shipped on consignment to Lyman Holdings Inc. on January 5.
(c) Goods shipped to a customer, FOB destination, on January 29 that are still in transit.
(d) Goods shipped to a customer, FOB shipping point, on January 29 that are still in transit.
(e) Goods purchased FOB destination from a supplier on January 25, that are still in transit.
(f) Goods purchased FOB shipping point from a supplier on January 25, that are still in transit.
(g) Office supplies on hand at January 31.
If the item should not be included in inventory, state in what account, if any, it should have been recorded?

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.)