ABC Co. completed a physical inventory count on its year-end, December 31. The inventory counted did not include the following items: 1) On December 30, the company purchased $10,000 worth of inventory from a supplier. It was shipped that day FOB destination and arrived on January 3 at ABC. 2) On December 30, ABC sold $5,000 worth of inventory to a customer. It was shipped that day FOB shipping point and the customer received it on January 2. What will be the effect of these transactions on ABC’s inventory on December 31?
A. Inventory will not be affected.
B. Inventory should increase by $15,000.
C. Inventory should increase by $5,000.
D. Inventory should increase by $10,000.

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12-08-2024
Business

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ABC Co. completed a physical inventory count on its year-end, December 31. The inventory counted did not include the following items: 1) On December 30, the company purchased $10,000 worth of inventory from a supplier. It was shipped that day FOB destination and arrived on January 3 at ABC. 2) On December 30, ABC sold $5,000 worth of inventory to a customer. It was shipped that day FOB shipping point and the customer received it on January 2. What will be the effect of these transactions on ABC’s inventory on December 31?
A. Inventory will not be affected.
B. Inventory should increase by $15,000.
C. Inventory should increase by $5,000.
D. Inventory should increase by $10,000.

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