What happens when merchandise is delivered FOB shipping point? Multiple Choice O O O O The buyer records transportation cost as an expense. The seller records transportation-out expense. The buyer pays the freight cost. The seller pays the freight cost.

Multiple Select Question Select all that apply Which of the costs below would be included in the recorded cost of merchandise inventory? (Check all that apply.) Wages costs Invoice cost Storage costs Selling costs Insurance costs

When goods are shipped FOB destination and the seller pays the freight charges, the buyer a.does not take a discount b.journalizes a reimbursement to the seller c.makes no journal entry for the freight d.journalizes a reduction for the cost of the merchandise

What does the term merchandise inventory mean?   merchandise on hand, a fixed asset, merchandise purchased or merhcandise sold?

The normal balance of the following accounts is a debit Multiple Choice O Sales returns and allowances, and purchase discounts. Cost of goods sold, and purchase discounts Transportation-in and income summary Sales returns and allowances, cost of goods sold Sales discounts and interest revenue

Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B. The seller owns goods in transit.C. The point of transfer is when the goods leave the seller’s place of business.D. The point of transfer is when the goods arrive at the buyer’s place of business

plz help solve

Select all that apply Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory Check all that apply) A business may adopt any cost flow assumption when accounting for perishable sems Perishable-items Usually have an actual physical flow of FIFO Penshable items neve an actual physical flow of LIFO Cost flow in an assumption about which goods/items are sold Physical flow refers to the actual movement of goods

When merchandise is sold, the cost of merchandise sold (COMS) is a type of ___________ to the business owner.  Group of answer choices asset liability expense revenue

When the transportation charges are paid by the seller, merchandise is shipped a. FOB destination b. FOB shipping c. FOB carrier d. Prepaid