Solved: The gravais company made two purchases on december 29 2010, Accounting Basics

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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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Accounting Basics: The gravais company made two purchases on december 29 2010

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Accounting Basics: The gravais company made two purchases on december 29 2010

Reference No:- TGS01158491

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