Question
Doit Inc. had the following merchandise transactions in October: Purchases $50,000 Purchase returns 2,000 Purchase discounts 1,000 Freight in 4,000 What is the total cost
Doit Inc. had the following merchandise transactions in October:
Purchases $50,000
Purchase returns 2,000
Purchase discounts 1,000
Freight in 4,000
What is the total cost of merchandise purchased?
a. $47,000
b. $57,000
c. $51,000
d. $49,000
If a company sells merchandise FOB shipping point, when does title to the merchandise pass to the customer?
a. upon receipt
b. half-way through transit
c. upon shipment
d. never
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th edition
978-1118344262, 111834426X, 1118162285, 978-1118562208, 1118562208, 978-1118162286
