In Dec 2026, Orange Inc sold goods costing $650 to Grocer Corp for $1,200. The goods...
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In Dec 2026, Orange Inc sold goods costing $650 to Grocer Corp for $1,200. The goods were shipped from Orange on Dec 30, 2026 and arrived at Grocer's factory on Jan 5, 2027. Assuming the contract has terms f.o.b. destination: Orange should include $650 for the goods-in-transit when calculating 2026 ending inventory. Grocer should include $1,200 for the goods-in-transit when calculating 2026 ending inventory. Grocer should include $650 for the goods-in-transit when calculating 2026 ending inventory. Orange should include $1,200 for the goods-in-transit when calculating 2026 ending inventory. O In Dec 2026, Orange Inc sold goods costing $650 to Grocer Corp for $1,200. The goods were shipped from Orange on Dec 30, 2026 and arrived at Grocer's factory on Jan 5, 2027. Assuming the contract has terms f.o.b. destination: Orange should include $650 for the goods-in-transit when calculating 2026 ending inventory. Grocer should include $1,200 for the goods-in-transit when calculating 2026 ending inventory. Grocer should include $650 for the goods-in-transit when calculating 2026 ending inventory. Orange should include $1,200 for the goods-in-transit when calculating 2026 ending inventory. O
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Related Book For
Auditing and Assurance services an integrated approach
ISBN: 978-0133125689
15th edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
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