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In general, the designation FOB destination indicates that: A. buyer will record the inventory after payment is made. B. buyer is responsible for any damages or losses in transit. C. buyer will pay shipping costs. D. buyer receives the legal title of shipped goods even before the goods reaches its final destination. E. seller is responsible for any damages or losses in transit. 1.5 points Save Answer

QUESTION 2 Phillips Company purchased five tables for $200 each on May 5. The terms listed on the invoice Phillips received were 3/10 n/30. Phillips paid the invoice on May 14. How much did Phillips pay on that date? A. $850 B. $970 C. $900 D. $1,030 E. $1,000 1.5 points Save Answer

QUESTION 3 Under periodic inventory system, purchase of inventory is recorded with a debit to: A. purchase payable. B. cash. C. purchases. D. inventory. E. accounts payable. 1.5 points Save Answer

QUESTION 4 Alice Corporation began the year with $200,000 in inventory. The company reported cost of goods sold of $903,000 for the year. An end of the year count showed $210,000 in inventory.. How much inventory was purchased during the year? A. $693,000 B. $893,000 C. $913,000 D. $903,000 E. $703,000 1 points (Extra Credit) Save Answer

QUESTION 5 Marcus Company had a beginning inventory of $390. During the year, the company purchased inventory of $2,900 and made sales for $3,500. Selling cost amounted to $250. The ending inventory balance was $450. What is the cost of goods sold of Marcus Company? A. $4,700 B. $2,750 C. $2,840 D. $2,250 E. $3,090 1.5 points Save Answer QUESTION 6 Under a periodic inventory system, cost incurred to bring the inventory from manufacturer to buyer's warehouse should be recorded with a debit to: A. accounts payable. B. assembly of inventory. C. purchase discounts. D. freight-in. E. inventory.

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