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23-10-2020
Business

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Dowell Fishing Supply, Inc., sold $53,000 of Dowell Rods on December 15, 2021, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell’s warehouse until January 12, 2022 (having assured Bassadrome that it would deliver sooner if necessary).How much revenue should Dowell recognize in 2021 for the sale to Bassadrome?

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buchinnamani208 buchinnamani208

23-10-2020

Answer and Explanation:

Dowell would recognize zero revenue for sale to Bassadrome. This is because the inventory even though sold to Bassadrome is still being held in inventory on inventory control basis and therefore can not be recognized as revenue in 2016. Based on shipping terms, the seller will not recognize revenue on the dowell rods sold but are yet to be delivered.

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