Question

Axle Inc. purchases inventory from Nutria Company and then Axle sells it to Chang Company. Inventory is in transit on the last day of the year. Indicate who owns the inventory by placing an X in the proper column for each item that is described.


Description Owned by Nutria Owned by Axle Owned by Chang
Terms of purchase were FOB destination Not applicable
Terms of purchase were FOB shipping point Not applicable
Terms of sale were FOB destination Not applicable
Terms of sale were FOB shipping point Not applicable

Answer

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