Inventory shipped fob shipping point and in transit on the last day of the year should be included in?

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03-08-2022
Business

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Inventory shipped fob shipping point and in transit on the last day of the year should be included in?

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-08-13T11:52:00-04:00

Inventory shipped FOB shipping point and in transit on the last day of the year should be included in the inventory balance of the seller.

If the goods are shipped Free On Board (FOB) shipping point, the transportation costs are paid by the buyer and the title passes when the carrier takes the possession of goods. Thus, these goods become the part of the buyer's inventory while in transit.

For instance, if the terms of the sale are Free On Board destination, the seller will not have a sale and receivable until January 2. This means the seller must include the cost of the goods in transit in its inventory as of December 31.

Hence, the answer is given and explained above.

To learn more about Free On Board (FOB) here:

https://brainly.com/question/14527257

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Inventory shipped fob shipping point and in transit on the last day of the year should be included in?

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