Match the correct pairs                                                                                                                                                                                                                                               FOB destination and you are the buyer A.  The buyer pays this amount FOB destination and you are the seller B. You pay and add to inventory costs FOB shipping point and you are the buyer C. The seller pays this FOB shipping point and you are the seller D. You pay and expense as delivery charge

Q: 1. Cost of goods sold + ending inventory equals?

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which…

A: Every time an order is received by an organisation, there is whole set of process that needs to be…

Q: 3. If a retailer bought n numbers of goods at P price each, he sold each good at a rater marked up…

A: The question is related to concept of mark up on selling price and gross margin and further how to…

Q: Match the accounting term with its correct definition. Question 1 options: 1. contains deductions…

A: Introduction:Periodic Inventory:The periodic inventory system is based on periodic reviews and…

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

A: Payment term used to show who is responsible for paying for shipping and when the title of the goods…

Q: When does the cost of inventory become an expense?a. When cash is collected from the customerb. When…

A: Answer: b. When inventory is delivered to a customer

Q: The following accounts are included in the ledger of David Company: Advertising expense Freight-in…

A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory

Q: When should a seller view a payment to its customer as a refund of part of the price paid by the…

A: Revenue recognition principle:   The revenue recognition principle refers to the revenue that…

Q: Requirement a. What are the accounting requirements for a correct sales​ cutoff?     A. A shipment…

A: Revenue shall be recognition according to accounting standards. Following is the condition to…

Q: which two accounts are used to recognize shipping charges for a buyer assuming the buyer purchases…

A: Shipping cost depends upon the terms of the contract. Generally, there are two types of conditions.…

Q: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…

Q: The price a business pays for goods it purchases to sell is called: A. markup B. purchase price C.…

A: Any item that is displayed for sale and intended to be sold to customers in exchange for a profit is…

Q: When goods are shipped FOB destination and the seller pays the freight charges, the buyer a.does…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: You have the following information for Wildhorse Gems. Wildhorse uses the periodic system of…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: A. Sales allowance B. Purchase return i. A customer returns merchandise for a full refund i1. A…

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold…

A: Management accounting: The act of distinguishing, investigating, measuring, interpreting, and…

Q: Match each definition with the term that best describes it. An income measure that includes gains…

A: Income statement: The income statement determines the net income of the business by subtracting the…