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What financial statements and accounts are affected and

1. Northern Merchandising Company sold inventory that cost $12,000 for $20,000 cash. How does this event affect the accounting equation? What financial statements and accounts are affected? (Assume that the perpetual inventory system is used.)

2. If goods are shipped FOB shipping point, which party (buyer or seller) is responsible for the shipping costs?

3. Define transportation-in. Is it a product or a period cost?

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Cost Accounting: What financial statements and accounts are affected and

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