Where should goods in transit that were recently purchased F.o.b. destination be included on the statement of financial position?
A) Accounts payable.
B) Inventory.
C) Equipment.
D) Not on the statement of financial position.

Question

Quizplus · Accepted Answer

Goods purchased F.o.b. destination are not included in the buyer's inventory until they reach the destination, so they should not be on the statement of financial position until then.

Where Should Goods in Transit That Were Recently Purchased F