Goods that have been purchased FOB destination point but are in transit at year end should be included in the seller's physical inventory count.
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Q14: Only companies who use a periodic method
Q15: Companies are allowed to use the specific
Q16: Determining ownership of goods is one of
Q17: The counting of the inventory should be
Q18: The FIFO and average cost formula can
Q20: An inventory count is generally more accurate
Q21: When using the perpetual method of accounting
Q22: If a company has no beginning inventory
Q23: When using the perpetual method of accounting
Q24: When using FIFO, beginning inventory + purchases
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