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1. If "goods intransit" are sent under the terms FOB shipping point, then the ownership of the goods: a. is with the seller, until the goods are delivered to the buyer b. is on the buyer, since the goods are ready to be delivered c. is with the shipping company as long as the goods are still in transit. d. no party has the right to ownership of the goods, until the goods arrive at their destination. 2. Which of the following is not included in the company's inventory when calculating physical inventory (physical inventory taking): a. Goods entrusted (consignment) from other companies b. Goods in delivery (shipped) which will be entrusted to another company c. Purchased goods that are still in transit (in transit), with terms FOB shipping point d. The ending inventory of goods in the warehouse 3. When there is a price increase that tends to continue to increase, then this method which will generate the highest net income, are: a. lifo b. average 4. If the initial inventory value is $20,000 overstated, then the result of this error: 5. Value of Cost of Goods available for Sale, is a combination of the values of: a. beginning inventory and ending inventory. b. beginning inventory and cost of goods on hand. c. ending inventory dan cost of goods sold. d. beginning inventory dan cost of goods purchased

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