The key difference in the closing process under the periodic inventory system is how merchandise inventory is handled

A__________is a situation requiring the purchase of a product for the first time

Fill in the blanks with correct word.

Thomas signed a sales contract with Bricklay's, a firm that supplies bricks for private individuals. The contract specified the type and amount of bricks needed, and that Thomas would pick up the bricks from the Bricklay's warehouse 15 days later

Thomas received a document of title, but failed to pick up the goods on the stipulated date. In this scenario, at what point of time is the title to goods passed over to Thomas? A) when the sales contract is signed by both Thomas and Bricklay's B) when Thomas receives the document of title C) when Thomas picks up the bricks from the Bricklay's warehouse D) when the stipulated date of pick-up of the bricks expires