Philips Corp

question 65

Multiple Choice

Philips Corp. is unsure how to record the following transactions: •$60,000 of goods shipped F.O.B shipping point on December 28, 2021.
•$50,000 of goods shipped F.O.B. destination point on December 31, 2021.
What amount of sales related to these two transactions should Philips Corp. record in fiscal 2021?

• A)$0
• B)$50,000
• C)$60,000
• D)$110,000

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Definitions:

Euro

The official currency of the eurozone, represented by the symbol € and used by 19 of the 27 European Union countries.

Lowest Terms

The simplest form of a fraction, where the numerator and denominator are reduced to the smallest possible numbers.

Express

Refers to a service or method that is designed to be faster or more efficient than standard options.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation.