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It was determined that a shipment on Dec 29 from BGA to Hubba Bubba Corp. arrived...

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Accounting

It was determined that a shipment on Dec 29 from BGA to HubbaBubba Corp. arrived at Hubba Bubba on Jan 2. Hubba Bubba purchasedfrom BGA 100,000 lbs of bubble gum for a sales price of $4.00 perlb. Cost of the product was $2.00 per lb. Terms were FOB ShippingPoint. Payment terms Net 30. BGA billed the company on account,including the required 5% sales tax which was added to the invoiceto Hubba Bubba. Record this transaction on the journal.

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3.7 Ratings (589 Votes)
1FOB shipping point or FOB origin is used to mean the sellerhas to get the goods to the shipping point but the buyer isresponsible for    See Answer
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