Giant-Mart Purchased a Large Shipment of Shoes from Primus, Inc

question 166

Essay

Giant-Mart purchased a large shipment of shoes from Primus, Inc. on credit near the end of its accounting period.
Primus shipped the shoes in January and Giant-Mart received the shoes in February. Assume that Giant-Mart's accounting period ends on January 31, while Primus' accounting period ends on May 31. Answer each independent question in the set that follows.
REQUIRED: If the shoes are shipped FOB destination, when should Giant-Mart record the purchase? If the shoes are shipped FOB shipping point, when should Giant-Mart record the purchase?

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