Merchandise in transit at the end of the accounting period that has been shipped FOB shipping point should be included in the ending inventory of

a. the buyer.

b. the seller.

c. both the buyer and the seller.

d. the freight company.

When a periodic inventory system is used, cost of goods sold is calculated as

a. beginning inventory _ purchases _ ending inventory.

b. beginning inventory _ purchases _ ending inventory.

c. ending inventory _ purchases _ beginning inventory.

d. beginning inventory _ ending inventory _ purchases.