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What is the answer to rigby company buys merchandise

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Reference no: EM132496177

Question 1: What is the answer to Rigby Company buys merchandise from Shoshone Company with an invoice cost of $10,000 and shipping terms of FOB shipping point. The freight costs amount to $1,000. Which of the following statements is TRUE?

  1. Rigby Company will record freight-in costs of $1,000.
  2. Shoshone Company will record freight-out costs of $1,000.
  3. Shoshone Company will record freight-in costs of $1,000.
  4. Rigby Company will have inventory cost of $10,000.

Reference no: EM132496177

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