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Freight collect
Cost of goods consigned
freight charge on the goods shipped is not yet
includes freight and other handling charges on
paid
goods out on consignment
paid by the buyer
Memorandum entry
Freight prepaid
means by which consigned goods are recorded
freight charge on the goods shipped is already
by the consignor
paid by the seller
STATEMENT PRESENTATION
Free alongside (FAS)
Current assets
a seller who ships FAS must bear all expenses
classification of inventories
and risk involved in delivering the goods to the
dock next or alongside the vessel on which the
goods are to be shipped One line item
the buyer bears the cost of loading and
shipment presentation of inventories in the statement of
title passes to the buyer when the carrier takes financial position but the details shall be
possession of the goods disclosed in the notes to financial statements
ACCOUNTING FOR INVENTORIES Trade discounts