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Juliet Company shipped on December 24, 2016 a merchandise on terms FOB Shipping Point. The merchandise was sold for P60,000 and it arrived January 28,

Juliet Company shipped on December 24, 2016 a merchandise on terms FOB Shipping Point. The merchandise was sold for P60,000 and it arrived January 28, 2017. The merchandise cost P40,000, the sale then being recorded in January 2017 and included in the 2016 inventory as well

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