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Ending inventory is equal to the cost of items on hand plus: a. Items in transit sold f.o.b. shipping point. b. Purchases in transit f.o.b. destination. c. Items in transit sold f.o.b. destination. d. None of these.

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Answer:

C) Items in transit sold f.o.b. destination.

Explanation:

Ending inventory = all items in hand plus all purchases bought FOB shipping point plus all sales sold FOB destination.

FOB shipping point means that the title of the goods is transferred once the goods leave the seller's warehouse.

FOB destination point means that the title of the goods is transferred only after the goods arrive to the buyer's warehouse.

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