Multiple Choice
Which of the following statements is incorrect?
A) Both freight-in and freight-out affect gross profit.
B) Freight-in appears as part of cost of goods sold under the periodic inventory system.
C) Freight-out is a shipping expense.
D) Freight-in for the purchaser occurs when the terms of the invoice are FOB shipping point.
E) When the seller bears the shipping cost,the invoice is stated as FOB destination.
Correct Answer:
Verified
Correct Answer:
Verified
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