ACCT 201A - Ch. 6: Inventory and cost of goods sold

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6 Terms

1
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perpetual inventory system

record inventory purchases and sales on a continual basis

2
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periodic inventory system

records balance of inventory at the end of a period

3
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FOB shipping point

title passes when the seller ships the inventory

4
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FOB destination

title passes when the inventory reaches the buyer’s destination

5
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freight-in

freight charges on incoming shipments from suppliers

6
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freight-out

the cost of freight on shipments to customers