Who is responsible for the freight cost when the terms are FOB destination? Please explain with full explanation.  a. the seller b. the buyer c. the customer d. either the buyer or the seller

Q: What is freight in on purchases?

A: Purchases are the transaction where in the buyer purchases goods and services from a seller by…

Q: FOB destination of a Merchandise Business means: a. Goods are placed free on board to the buyer's…

A: Free on broad (FOB) is a term indicating whether the seller or the buyer will bear the loss and…

Q: How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories…

A: The major purpose of adopting VAT is to reduce the effects of multiple taxes and the cascading…

Q: Which of the following indicates that ownership of the purchased items changes as soon as the goods…

A: FOB point is the term which is used to determine when the ownership of the goods changes hand. FOB…

Q: What happens when merchandise is delivered FOB shipping point? Multiple Choice O O O O The buyer…

A: Ans. The buyer pays the freight cost

Q: How do you calculate freight-in

A: Freight-in is a term used in accounting and finance to refer to the cost of shipping and handling…

Q: Which of the following is not a name for a specific type ofinventory?a. Finished goods. c. Raw…

A:

Q: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

Q: FOB destination of a Merchandise Business means: a. Seller is not responsible for the goods b. Buyer…

A: Whenever business sells goods to the customer, then there can be two type of terms. One is FOB…

Q: The cost flow method that often parallels the actual physical flow of merchandise is the OLIFO…

A: 1. LIFO method: LIFO assumes that the last items purchased are the first ones sold, which may not…

Q: Which of the following statements regarding freight costs is true? Oa. FOB destination means that…

A: The inventory is recorded as current assets in the balance sheet . The inventory is recorded…

Q: None

A: When goods are loaded onto a transportation carrier at the shipping point, ownership and…

Q: Which of the following is reported as part of the operating expenses? Cost of sales…

A: The question is based on the concept of Business Accounting.

Q: Discuss the difference between: A. Contract of Sale and Contract to Sell B. Sale by Sample, Sale by…

A: Contract of Sale and Contract to sell the contract of sale, the exchange of goods takes place…

Q: If the sale includes the seller paying the freight costs and assuming the responsibility for…

A: FOB shipping point sale: When the goods are shipped to the buyer, the title is transferred to the…

Q: Freight costs paid by a seller on merchandise sold to customers will cause an increase to a…

A: In operating expenses for the seller. Explanation:In operating expenses for the seller.When a seller…

Q: Why do you add transportation in and do not deduct delivery expense when determining the cost of…

A: For a buyer, the cost of merchandise purchased is considered as a net cost incurred to buy the…

Q: f goods are sold on terms FOB shipping​ point, the​ ________.         A. seller normally pays the…

A: The invoice contains all the terms related to sale like FOB point, discount and due date of the…

Q: For purposes of computing the MCIT, which will not form part of cost of goods sold for traders:…

A: MCIT is minimum corporate income tax, which is being payable by the domestic companies. The rate…

Q: In deciding whether to accept a special order, freight charges paid by the seller are relevant. True…

A: Special orders are those that are given for the goods not generally available in the market and…

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: The FOB term is used with an identified physical location to determine а. None of the options O b.…

A: FOB stands for Free on Board. This is a shipment term used to show that whether buyer or seller…

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: Who bears the freight when the terms of sale are (a) FOB shipping point, (b) FOB destination?

A: (a)If the sale is made with the terms FOB shipping point, the goods' ownership is transferred at the…

Q: Explain the difference between freight in and freight out. Who pays for each? Who owns the goods…

A: Freight refers to the transportation cost paid on the goods. Freight in is the transportation cost…

Q: Who is an unpaid seller? Give an example using a situation/scenario.

A: A seller is someone who offers goods or services to the customers. Seller sells its goods or…

Q: Who owns the goods in transit under FOB destination? * buyer O seller O either buyer or seller none

A: In case of goods in transit under FOB  means  The seller will

Q: The application of the lower of cost or market rule to inventory valuation is an example of a. the…

A: The valuation of inventory is done at lower of cost or net realisable value as per relevant…

Q: The buyer should be responsible for the freight (legally) but the seller paid for it A. FOB shipping…

A: FOB destination stands for freight on board, is an incoterm which is used when there is trade…

Q: What is freight out, and how is it recorded by the seller?

A:

Q: FOB SHIPPING POINT, who is the owner of goods in transit

A: The invoice made at the time of sale includes the invoice price, payment terms, discount terms, etc.…

Q: Which of the following is not a characteristic of FOB Destination?A. The seller pays for shipping.B.…

A: FOB (Freight on Board) Destination seems to be a shipping terminology that signifies the seller…