Exam 5: Inventories and Cost of Goods Sold

During a period of increasing cost prices,which inventory costing method will yield the lowest cost of goods sold?

Giant-Mart purchased a large shipment of shoes from Primus,Inc.on credit near the end of its accounting period.Primus shipped the shoes in January and Giant-Mart received the shoes in February.Assume that Giant-Mart's accounting period ends on January 31,while Primus' accounting period ends on May 31.Answer each independent question in the set that follows. ​ Required If the shoes are shipped FOB destination point,when should Giant-Mart record the purchase? If the shoes are shipped FOB shipping point,when should Giant-Mart record the purchase?