Gravais Company made two purchases on December 29, 2019. One purchase for $3,000 was shipped FOB destination,
Question:
Gravais Company made two purchases on December 29, 2019. 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 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?
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The second purchase for 4000 shipped FOB shipping point is included in ...View the full answer
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Ali Khawaja
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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