QUESTION $2$

If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as

a$.$ FOB destination

b$.$ FOB $\frac{n}{30}$

c$.$ FOB buyer

d$.$ FOB shipping point

QUESTION $3$

Multiple$-$step income statements show

a$.$ income from operations but not gross profit

b$.$ both gross profit and income from operations

c$.$ gross profit but not income from operations

d$.$ neither gross profit nor income from operations

QUESTION $4$

Ending inventory is made up of the oldest purchases when a company uses

a$.$ retail method

b$.$ last$-$in$,$ first$-$out

c$.$ average cost

d$.$ first$-$in$,$ first$-$out