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Gravais company include in inventory

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The Gravais Company made two purchases on December 29, 2010. One purchase for $3,000 was shipped FOB destination, and the second for $4,000 was shipped FOB shipping point. Neither purchase had been received on December 31, 2010.

Required:
Which of these purchases, if either, does the Gravais Company include in inventory on December 31, 2010? What is the cost?

Reference no: EM13873093

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