TB 05-31 FOB shipping or FOB factory means ownership ... FOB shipping or FOB factory means ownership of goods transfers to the buyer at the buyer's place of business. True or False True False TB 05-72 A perpetual inventory system A perpetual inventory system Multiple Choice Gives a continuous record of the amount of inventory on hand Uses a Purchases account for the cost of new merchandise purchased Was historically used by companies that sold large quantities of low-value items Is not widely used in practice All of the above