Goods that belong to other parties but are being held in order to sell them for a fee are known as what type of goods? in transit FOB destination FOB shipping point consigned goods Goods that belong to other parties but are being held in order to sell them for a fee are known as what type of goods? in transit FOB destination FOB shipping point consigned goods Which of the following is most likely to employ the average cost formula? jewellery store department store grocery store gasoline station Using FIFO, the current asset Inventory will report: the exact amount of each inventory unit on hand. the average cost of all purchases. the oldest cost of purchases. the most recent cost of purchases. Following are the ABC Manufacturing Co. inventory records for the month of July. The company used perpetual inventory system and FIFO cost formula. Calculate the Inventory ending in dollars. $16,000$30,000$58,000$26,000