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If a Chicago-based company ships goods on September 30 to a customer in Hawaii with sales terms FOB destination, does the Chicago-based company include the

If a Chicago-based company ships goods on September 30 to a customer in Hawaii with sales terms FOB destination, does the Chicago-based company include the inventory or the sale in its September financial statements?

Why is a physical count of inventory necessary in a periodic inventory systems? Why is it still necessary in a perpetual system?

What is the difference between FOB shipping point and FOB destination? How do these terms relate to the revenue principle?

What is the distinction between Sales Returns and Sales Allowances?

What is gross profit?

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