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Author Question: FIFO is the inventory costing method that follows the physical flow of the goods. a. True b. False ... (Read 73 times)

jwb375

  • Hero Member
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  • Posts: 540
on: Jul 5, 2018
FIFO is the inventory costing method that follows the physical flow of the goods.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

On December 12, Occident, Ltd., a company in Singapore, ordered merchandise from San Francisco Exports. The merchandise was shipped to Occident on December 29, FOB shipping point. The merchandise arrived at Occident's warehouse on February 1.
 
  Occident paid for the merchandise on March 2. When should San Francisco Exports recognize revenue?
  A) December 12
  B) December 29
  C) February 1
  D) March 2


firehawk60

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Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

B


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