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A company purchased inventory for $70,000 from a vendor onaccount, FOB shippingpoint, with terms of 4/10, n/30. The company paid the shipper $1,500 cash for
A company purchased inventory for $70,000 from a vendor onaccount, FOB shippingpoint, with terms of 4/10, n/30. The company paid the shipper $1,500 cash for freight in. The company paid the vendor nine days after the invoice date. If there was no beginninginventory, the cost of inventory would be________. (Assume a perpetual inventorysystem.)
71,500
68,500
68,700
65,700
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