Goods in Transit Gravais Company made two purchases on December 29,2016 . 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 nor paid for on December 31 , 2016. Required: Which of these purchases, if either, does Gravais include in inventory on December 31,2016? What is the cost? What costs are assigned to a purchase