Answer the following about FOB destination and FOB shipping point: 1. My daughter works for a freight forwarding logistics company, which uses the term FOB frequently. Briefly describe FOB shipping point and FOB destination. When does the buyer take ownership of the goods? 2. The Kendall Company shipped merchandise to Hill Corporation on December 29, 2019. Hill received the shipment on January 4, 2020. December 31 is the fiscal year end for both companies. The merchandise was shipped FOB shipping point. Under the revenue recognition principle when would Kendall Company record the sale? When would Kendall record the sale if the shipment had instead been designated FOB destination? 3. In which account would Hill record the cost of freight for inventory purchased FOB shipping point? Where would Hill record the cost of freight for the inventory purchased FOB destination? 4. Why do you think auditors closely monitor invoices for the purchase and sale of inventory and the physical delivery of inventory near the end of fiscal year