16. Goods in transit shipped FOB destination belong to the seller. True False 17. Goods on consignment are owned by the holder of the goods True False (consignee). 18. An error in ending inventory of the current period will have a True False reverse effect on the net income of the next period. 19. Under FIFO, the assignment of cost to merchandise sold is in True False the same order in which the merchandise was purchased. 20. Taking a physical inventory involves counting, True False weighing, or measuring each kind of inventory on hand