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Which of these purchases does Gravais include in inventory

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Problem - Goods in Transit - Gravais Company made two purchases on December 29, 2019. One purchase for $3,000 was shipped FOB destination, and the second for $4,000 as shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019.

Required - Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?

Reference no: EM132882724

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