Notes Receivable & Inventory

If a note is described as "6% P10,000," 6% is the _____ per annum.

In the _____ inventory system, cost of goods sold is debited with every sale.

_____ is added to Purchases to get Cost of Goods Available for Sale.

In this system of valuing cost of goods sold, inventory is sold from oldest to newest.

In this system of valuing cost of goods sold, inventory is sold from newest to oldest.

What does FOB stand for?

FOB determines where _____ of the purchased or sold goods is transferred.

If the terms of the sale are FOB _____, the goods while still in transit are already part of the buyer's inventory.

If the terms of the sale are FOB destination, and the goods are shipped from Manila to Cebu, who owns the goods when the shipping vessel departs Manila?

TRUE or FALSE:

If the terms of the sale are FOB destination, freight prepaid, the buyer will consider the freight cost as part of the cost of the purchase.