3. The following errors occurred related to a periodic inventory system: a. In 2014, at December 28 we purchased $10,000 of inventory on account that shipped FOB shipping point on December 30, and arrived on Jan 3rd. We recorded the inventory purchase when it arrived. The intern only counted the inventory we had on hand on Dec 3 1 5'. b. In 2015, the new intern did not count an entire room of inventory worth $7,000. Liabilities