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Question - Oust The Turtle Now imported goods at a cost of P 620,000, including P 40,000 non-refundable import duties and P 10,000 recoverable purchase taxes. The risks and rewards of ownership of the imported goods were transferred to the retailer upon collection of the goods from the harbour warehouse. Freight costing P 10,000 with terms FOB Shipping Point was paid by Oust. The Turtle upon delivery. A further P 4,000 in delivering the goods to its customer. Further selling costs of P 6,000 were incurred in selling the goods. What amount should the inventory be valued?
A. 614,000
B. 620,000
C. 624,000
D. 610,000
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