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Example 3: $800 of inventory is sold on account, FOB shipping point. In a separate transaction, the seller pays $100 to the shipping company. Therefore

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Example 3: $800 of inventory is sold on account, FOB shipping point. In a separate transaction, the seller pays $100 to the shipping company. Therefore the total account receivable is $800 selling price. The total cost of the inventory when purchased was $640 (800 - 20% * 800)

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