For inventory that is shipped FOB shipping point,title transfers from the seller to the buyer once the seller ships the inventory.
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Q85: Companies are free to choose FIFO,LIFO,or weighted-average
Q86: If a company has ending inventory of
Q87: Accountants often call FIFO the balance sheet
Q88: Cost of goods sold is an expense
Q89: Overstating ending inventory in the current year
Q91: During periods of rising costs,LIFO generally results
Q92: Understating ending inventory in the current year
Q93: Companies are not allowed to report inventory
Q94: If a company has beginning inventory of
Q95: During periods of rising costs,FIFO generally results
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