WebAccounting questions and answers Transportation costs for inventory purchase, FOB shipping point, should be entered as follows: Debit Cost of Goods Sold for the purchaser. Debit Delivery Expense for the purchaser. Debit Inventory for the purchaser. Debit Transportation Out for the purchaser. WebThe terms were FOB shipping point. Costs incurred by the entity in connection with the purchase and delivery of the goods were as follows: Normal freight charge ₱ 3,000 Handling cost ₱ 2,000 Insurance on shipment ₱ 500 Abnormal freight charge for express shipping ₱ 1,200 The goods were received on December 18, 2024.
Differentiate between FOB shipping point and FOB …
WebNov 30, 2024 · FOB shipping point and FOB destination indicate the point at which the title of goods transfers from the seller to the buyer. The distinction is important in specifying who is liable for... WebNov 15, 2024 · Question thumb_up 100% On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign entity for 200,000 marks. The merchadise was shipped and invoiced to Lemon on December 10,20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov 15, 20x1 22.4955 … manor primary school dubai
Solved Transportation costs for inventory purchase, FOB - Chegg
WebQ: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for… A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000 Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business… A: Formula: Cash discount: Goods sold on credit base. WebTranscribed Image Text: A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional … Webfob shipping point Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a debit to inventory On September 4, Real Housewares has $16,500 in sales, with customers paying $10,750 in cash and the remainder on account. Real Housewares purchased the goods for $4,800. manor primary school ettingshall road bilston