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Unformatted text preview: purchaser has not yet received it. When merchandise is shipped FOB (free on board) destination , the seller pays the shipping fees and maintains title until the merchandise reaches the purchaser's place of business. Such merchandise must be included in the seller's inventory until the purchaser receives it. In addition to counting merchandise on hand, therefore, someone must examine the freight terms and shipping and receiving documents on purchases and sales just before and just after the count takes place to establish a more complete and accurate inventory count....
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- Fall '10