Question: The Gravais Company made two purchases on December 29 2010

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?


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  • CreatedDecember 09, 2013
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