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On 10/31 ABC purchased $500 of merchandise inventory under the terms FOB Shipping Point that is expected to arrive at its place of business 11/2. As a result, ABC should not include the $500 of merchandise inventory in its ending merchandise inventory on the October 31st balance sheet. Group of answer choices True False

On 10/31 ABC purchased $500 of merchandise inventory under the terms FOB Shipping Point that is expected to arrive at its place of business 11/2. As a result, ABC should not include the $500 of merchandise inventory in its ending merchandise inventory on the October 31st balance sheet. Group of answer choices True False

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On 10/31 ABC purchased $500 of merchandise inventory under the terms FOB Shipping Point that is expected to arrive at its place of business 11/2. As a result, ABC should not include the $500 of merchandise inventory in its ending merchandise inventory on the October 31st balance sheet. Group of answer choices True False
Transcribed Image Text:On 10/31 ABC purchased $500 of merchandise inventory under the terms FOB Shipping Point that is expected to arrive at its place of business 11/2. As a result, ABC should not include the $500 of merchandise inventory in its ending merchandise inventory on the October 31st balance sheet. Group of answer choices True False
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