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A retailer buys inventory FOB shipping point on December 29, 2025. The goods are in transit at year-end and arrive January 3. The seller shipped them before year-end. How should the buyer treat the goods at December 31?
Exclude the goods until received because physical possession controls inventory.
Include the goods only if the invoice has been paid by December 31.
Record the goods as consigned inventory until delivery.
Include the goods in ending inventory because title passes at shipment.
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