Fob shipping point question and answer
WebNov 15, 2024 · Question thumb_up 100% On November 15, 20x1, Lemon Co. ordered merchandise, on an FOB Shipping point term, from a foreign entity for 200,000 marks. The merchadise was shipped and invoiced to Lemon on December 10,20x1. Lemon paid the invoice on January 10, 20x2. The spot rates are as follows: Nov 15, 20x1 22.4955 … WebMay 15, 2024 · The FOB portion of this term is usually considered to be an abbreviation for “Free On Board”, although you might also see F stand …
Fob shipping point question and answer
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WebNet Income Impact: Sold merchandise to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Decreases $800 Net Income Impact: The … WebA car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the use additional costs include . $200 for transportation-in. $180 for shipping insurance. • $750 for car import duties. . $170 for advertising. $2,000 for sales staff salaries. $100 for trimming shrubs.
WebAnswer the following ten multiple choice questions: 1) A company purchased merchandise for $4,000, 2/10, n30, FOB shipping point. The cost for freight: a) will be an additional charge to... WebNov 30, 2024 · FOB shipping point and FOB destination indicate the point at which the title of goods transfers from the seller to the buyer. The distinction is important in specifying who is liable for...
WebAccounting questions and answers Rizio Company purchases a machine for $9,600, terms 1/10,n/60, FOB shipping point. Rizio paid within the discount period and took the $96 discount. Transportation costs of $217 were paid by Rizio. The machine required mounting and power connections costing \$664. WebSee Answer Question: Alpha Company bought inventory from Omega Company, FOB shipping point on December 31, the last day of the accounting year, the goods were on a truck owned by Theta, Inc., exactly halfway between Alpha and Omega Which company should include these goods in its December 31 inventory Show transcribed image text …
WebUnder FOB shipping point, freight is paid by the buyer, while under FOB destination freight is the seller's expense. To determine the amount, first deduct the return before calculating the discount. Then calculate (Purchase - Return - Discount) + applicable freight.
WebTranscribed Image Text: A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional … flag of sweWebFOB shipping point Question 1/ Which of the following feature/s related to FOB shipping point under shipping terms, except? a. Title and control of the goods the moment the carrier signs the bill of lading with the buyer b. Buyer assumes risk of transportation and is entitled to route the shipment c. canon cl 41 ink cartridge refillWebQ: Merchandise subject to terms 1/10, n/30, FOB shipping point is sold on account to a customer for… A: Net sales = sales - credit memorandum = 15000 - 5000 = P10000 Q: A wholesaler sold merchandise inventory with in invoice price RO 160,000 to the customer of business… A: Formula: Cash discount: Goods sold on credit base. canon cl211xl waterproof inkjet inkWebIf required, round the answers to the nearest dollar. a. S b. S EXT OF ANG Merchandise $8,350 3,900 8,783 X 3,861 X Maps Feedback Chark 3 Minule x C Freight Paid by Seller R1001-PC-240- $600 lo 400 Freight Terms FOB shipping point, 2/10, n/30 FOB … canon cl 211 refill instructionsWebSep 23, 2024 · With the FOB shipping point, the buyer takes the responsibility for lost or damaged goods and freight. Under the FOB destination — it’s the seller’s responsibility. … flag of swazilandWebFOB stands for free onboard. Free on Board is the shipping cost that the buyer or the selling incurs when transferring the goods. Every time there is a sale of goods, there … canon cl 241 refill instructionsWebAccounting questions and answers Rizio Company purchases a machine for $12,500, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $250 discount. Transportation costs of $360 were paid by Rizio. The machine required mounting and power connections costing $895. canon cl 31 ink cartridge