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Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count were purchases of $5,000 in transit under

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Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count were purchases of $5,000 in transit under FOB destination terms. What is the cost of inventory reported on the statement of financial position ? O a. $75,000 O b. $80,000 c. $70,000 d. 560,000

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