Texas Inc.sold merchandise to Fagin Corp.on December 28,2017,with shipping terms of FOB destination point.Fagin Corp.received the merchandise on January 3,2018.Which of the following statements is true?
A) Texas should record sales revenue on December 28,2017.
B) Fagin Corp.should pay the transportation costs.
C) Fagin Corp.should include the merchandise in its inventory at December 31,2017.
D) Fagin Corp.should record a liability for the purchase on January 3,2018.
Correct Answer:
Verified
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