Goods in transit are included in a purchaser's inventory:
A. When the supplier is responsible for freight charges.
B. If the goods are shipped FOB shipping point.
C. At any time during transit.
D. After the half-way point between the buyer and seller.
E. If the goods are shipped FOB destination.
Answer: B
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The following information is reported in the operating activities section of Gateway's statement of cash flows for 2014: Net income $1,200,000 Increase in inventories 600,000 Decrease in accounts payable 400,000 Which one of the following conclusions can be assumed from the information provided?
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