Seafood Trading Co. commenced operations during the year as a large importer and exporter of seafood. The imports were all from one country overseas. The export sales were conducted as drop shipments and were merely transshipped at Seattle. Seafood Trading reported the following data:Purchases during the yearUSD12.0 millionShipping costs from overseas1.5 millionShipping costs to export customers1.0 millionInventory at year end3.0 millionWhat amount of shipping costs should be included in Seafood Trading's year-end inventory valuation?
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