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Suppose that XYZ1 Shop Company recorded as a purchase certain goods that it purchased on account with the term FOB Shipping Point and counted them

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Suppose that XYZ1 Shop Company recorded as a purchase certain goods that it purchased on account with the term FOB Shipping Point and counted them in ending inventory before being received. The effect on the financial statements is as follows: Un: Understated, No: No effect, and Ov: Overstated. 1. Purchases....... 2. RE

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