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Multiple Choice Question Which of the following statements is correct regarding goods in transit? Goods...

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Accounting

Multiple Choice Question
Which of the following statements is correct regarding goods in transit?
Goods shipped FOB destination will be included in the buyer's inventory.
Goods shipped FOB shipping point will be included in the seller's inventory.
Goods shipped FOB shipping point will be included in the buyer's inventory.
Goods shipped FOB purchaser will be included in the buyer's inventory.
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Select all that apply
Identify the ways in which lower of cost or market can be applied to merchandise inventory. (Check all that apply.)
It can be applied to each item individually.
It can be applied to individual sales departments.
It can be applied to major categories of items.
It can be applied to the inventory as a whole.
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