Define

FOB shipping

FOB Destination

Who gives trade discounts?

The list price is $$50,500$ and a $27\%$ trade discount credit terms $\frac{4}{15}$ net $35.$

What is the amount due?

What is the difference between a multi$-$step income statement and a single$-$step income statement?

What is a selling expense?

What is an administrative expense?

Physical inventory $$65,00$ Inventory account shows a balance of $$61,000.$

What is the entry to adjust the inventory account?

Classify inventory and Cost of Goods Sold.