The delivery terms are specified as follows if the seller is responsible for covering the cost of shipping the goods. FOB location. The gross profit is the same.
Meaning of FOB shipping point: Title to the products passes at the shipping point, and the buyer is in charge of paying the freight costs. Once they arrive at the shipping point, inventory should be debited into the buyer's inventory.
The costs incurred in purchasing and preparing a good for sale are included in the cost of goods sold. Gross profit is calculated using the cost of products sold. Price of An expense listed on the revenue statement is products sold.
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