E5.5 (LO 3) Presented below are transactions related to LiGourmet. 1. On December 3, Li sold HK$580,000 of merchandise onaccount to South China Ltd. terms 1/10, n/30, FOB shipping point.The cost of E5.5 (LO 3) Presented below are transactions related to Li Gourmet. 1. On December \( 3, \mathrm{Li} \) sold HK \( \$ 580,000 \) of merchandise on account to South China Ltd. terms \( 1 / 10 \), \( \m 2 answers