Explain the terms FOB shipping point and FOB destination. What are the accounting and business implications of the shipping terms? Why is it important to know who owns goods during shipping?
Answer to relevant QuestionsWhat are the common cost flow methods for accounting for inventory? Describe the differences.What is the difference between the physical flow of inventory and the inventory cost flow?Calculate the cost of goods sold and the cost of the ending inventory using the weighted average cost flow assumption. Assume periodic record keeping.Sales ........... 100 units at $15 per unitBeginning inventory ..... 90 ...Sam’s Supply, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:In February, Sam’s sold $320,000 of merchandise on account with terms 3/10, n/30. The cost of the ...The Fedora Company had a beginning inventory balance of $25,750 and engaged in the following transactions during the month of June:June 2 Purchased $4,000 of merchandise inventory on account from Plumes, Inc., with terms ...
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