Assuming a periodic inventory system is used, identify the statement below that is correct?

Multiple Choice

• Freight In is subtracted from Purchases to arrive at delivered cost of purchases.

• Another name that may be used for the Freight In account is "Transportation In."

• Freight charges that are listed on the invoice received from a supplier are not part of the total credit to Accounts Payable to record the credit purchase.

• None of these statements are correct.