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5. The following errors occurred related to a periodic inventory system: a. In 2014, at December 28 we purchased $15,000 of inventory on account that

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5. The following errors occurred related to a periodic inventory system: a. In 2014, at December 28 we purchased $15,000 of inventory on account that shipped FOB destination on December 30, and arrived on Jan 3\". We recorded the inventory purchase when it shipped. The intern only counted the inventory on hand on Dec 315'. b. In 2015, the new intern counted $8,000 of inventory we are holding on consignment. Liabilities

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