An art gallery purchases a painting for 11400 on terms fob, Accounting Basics

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An art gallery purchases a painting for 11400 on terms fob

Question: 1. An art gallery purchases a painting for $11,400 on terms FOB shipping point. Additional costs in obtaining and offering the artwork for sale include $130 for transportation-in, $150 for import duties, $100 for insurance during shipment, $180 for advertising, $400 for framing, and $800 for office salaries. For computing inventory, what cost is assigned to the painting?

2. When costs are rising, which method reports higher net income-LIFO or FIFO?

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Accounting Basics: An art gallery purchases a painting for 11400 on terms fob

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