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What amount of cost for good should be included in inventory

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Reference no: EM132807044

Problem 1: On December 28, 2019 Kier Manufacturing company purchased goods costing 50,000. The terms were FOB destination. Some of the costs incurred in connection with the sale and delivery of the goods were as follows: Packaging for shipment - 1,000; Shipping - 1,500; Special Handling charges - 2,000. These goods were received on December 31, 2019. In Kier's December 31, 2019 Statement of Financial Position, what amount of cost for these goods should be included in inventory?

Option 1: 54,500
Option 2: 53,500
Option 3: 52,000
Option 4: 50,000

Reference no: EM132807044

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