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Martin Co. sold merchandise to Fess Company on December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of

Martin Co. sold merchandise to Fess Company on December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of the fiscal year, which company would report it in its financial statements? Explain.

How is the method of determining the cost of the inventory and the method of valuing it disclosed in the financial statements?

What uses can be made of the estimate of the cost of inventory determined by the gross profit method?

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