Required For each of the following events, determine the...
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Accounting
| Required |
| For each of the following events, determine the amount of freight paid by Toms Part House. Also indicate whether the freight cost would be classified as a product or period (selling and administrative) cost. (Select "NA" if there is no effect on the "Classification".) |
| a. | Purchased inventory with freight costs of $500. The goods were shipped FOB shipping point. |
| b. | Sold merchandise to a customer. Freight costs were $800. The goods were shipped FOB shipping point. |
| c. | Purchased merchandise inventory with freight costs of $1,400. The merchandise was shipped FOB destination. |
| d. | Shipped merchandise to customers, freight terms FOB destination. The freight costs were $300.
|
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