(200 word min, cite refs, no cut and paste) Identify the items that are included in merchandise inventory.

(200 word min, cite refs, no cut and paste)Identify the items that are included in merchandise inventory. (In your answer address the special situations of goods in transit, consigned goods, and damaged goods.)

Question:Identify the items that are included in merchandise inventory.Solution:Inventory refers to the material that is used for the production of a good, it can include rawmaterial, work in...