INVENTORY ERRORS Piper Company conducted a physical inventory count on December 31s (it year-end). Included in the physical inventory count were goods having a cost of $100,000 shipped to a customer FOB shipping point. These goods were sold for $275,000, As of December 31. the shipment was still in transit. The sales transaction was recorded when the customer received the goods on january 3rat, of the next year. Required: What effect will this situation have on the following accounts as at December 31 st