Complete the following table to show how FOB terms apply to merchandise inventory purchased by a merchandiser.
Definitions:
Accounting
The systematic recording, reporting, and analysis of financial transactions of a business.
Installment Sales
A sales method allowing customers to make payments over a period of time until the full price is paid.
Gross Profit
A company's total revenue minus its cost of goods sold, indicating the basic profitability of its products or services.
Interest Payments
the regular payments made by a borrower to a lender, typically a percentage of the outstanding debt, as compensation for the loan or credit provided.
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