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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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