Incorrect Question 3 0/3 pts Buddy's Co. had an initial inventory balance of $500,000 based on a physical count priced at cost prior to entries. The following two independent transactions involving inventory occurred during December 2021. 1 Buddy purchased inventory costing $45,000 (FOB shipping point) from a vendor on December 28, 2021. The inventory was shipped on December 30, 2021 and received by Buddy on January 5, 2022. 2 - Buddy sold inventory to a customer valued at $60,000 (FOB destination point) on December 29, 2021. The inventory was still in transit at year end on December 31, 2021. What amount should Buddy report as inventory in its December 31, 2021, balance sheet? $605,000 $545,000 $560,000 $500,000