Giant-Mart purchased a large shipment of shoes from Primus,Inc.on credit near the end of its accounting period.Primus shipped the shoes in January and Giant-Mart received the shoes in February.Assume that Giant-Mart's accounting period ends on January 31,while Primus' accounting period ends on May 31.Answer each independent question in the set that follows.

Required
If the shoes are shipped FOB destination point,when should Giant-Mart record the purchase? If the shoes are shipped FOB shipping point,when should Giant-Mart record the purchase?

Question

Giant-Mart purchased a large shipment of shoes from Primus,Inc.on credit near the end of its accounting period.Primus shipped the shoes in January and Giant-Mart received the shoes in February.Assume that Giant-Mart's accounting period ends on January 31,while Primus' accounting period ends on May 31.Answer each independent question in the set that follows.
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Required
If the shoes are shipped FOB destination point,when should Giant-Mart record the purchase? If the shoes are shipped FOB shipping point,when should Giant-Mart record the purchase?

Quizplus · Accepted Answer

The Answer of Giant-Mart purchased a large shipment of shoes from Primus,Inc.on credit near the end of its accounting period.Primus shipped the shoes in January and Giant-Mart received the shoes in February.Assume that Giant-Mart's accounting period ends on January 31,while Primus' accounting period ends on May 31.Answer each independent question in the set that follows.
​
Required
If the shoes are shipped FOB destination point,when should Giant-Mart record the purchase? If the shoes are shipped FOB shipping point,when should Giant-Mart record the purchase?

Giant-Mart Purchased a Large Shipment of Shoes from Primus,Inc