Texas Inc. sold merchandise to Fagin Corp. on December 28, 2014, with shipping terms of...
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Accounting
Texas Inc. sold merchandise to Fagin Corp. on December 28, 2014, with shipping terms of FOB destination. Fagin Corp. received the merchandise on January 3, 2015. Which one of the following statements is true?
a. Fagin Corp. should pay the transportation costs.
b. Texas should record sales revenue on December 28, 2014
c. Fagin Corp. should record a liability for the purchase on January 3, 2015.
d. Fagin Corp. should include the merchandise in its inventory at December 31, 2014.
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