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kiruha [24]
3 years ago
9

(True) or (False)? Goods in-transit to a buyer should be counted as buyer’s inventory if they were shipped FOB destination.

Business
1 answer:
Artemon [7]3 years ago
5 0

Answer:

Correct answer is FALSE

Explanation:

FOB Destination transfers ownership of the goods to the buyer after the goods reached to its destination (either in the buyer’s warehouse or any place stated in the contract to be delivered). Thus, goods in-transit under FOB destination still belongs to the seller and not to the buyer yet. Moreover, it should not be included to buyer’s inventory because the title of ownership of the said goods still belongs to the seller at the time of transit.

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Dave's Duds reported cost of goods sold of $1,300,000 this year. The inventory account increased by $170,000 during the year to
ioda

Answer:

$1,470,000

Explanation:

As we know that

Cost of goods sold = Opening inventory + Purchase - ending inventory

where,

Opening inventory would be

= $495,000 - $170,000

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So, the purchase would be

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$1,300,000 = -$170,000 + Purchase

So, the purchase would be

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3 years ago
Describe why it is important to understand how businesses impact you.
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2 years ago
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Answer:

The correct answer is: Formal.  

Explanation:

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3 years ago
How does increasing the size of your down payment impact your auto loan?
Gnom [1K]

Answer:

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<em />

<em>If the sum provided in the down payment is higher than what is requested, the amount of the principal will be lower. If the amount of the principal is lower, the total of the interest paid in the course to the loan will be lower as well, thus, the cost of the loan will be reduced.</em>

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