Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Inventory shipped FOB shipping point and in transit on the last day of the year should be included in the inventory balance of the seller.
If the goods are shipped Free On Board (FOB) shipping point, the transportation costs are paid by the buyer and the title passes when the carrier takes the possession of goods. Thus, these goods become the part of the buyer's inventory while in transit.
For instance, if the terms of the sale are Free On Board destination, the seller will not have a sale and receivable until January 2. This means the seller must include the cost of the goods in transit in its inventory as of December 31.
Hence, the answer is given and explained above.
To learn more about Free On Board (FOB) here:
https://brainly.com/question/14527257
#SPJ4
We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.
