The following is a partial list of account balances from the books of Ellen Corporation at December 31, 2019:

Accounts payable	$1,200
Accounts receivable	1,000
Accrued Vacation Liability	900
Cash	3,000
Unearned Revenue	500
Income tax payable	2,200
Notes payable (due in 18 months)	600

Based solely upon these balances, what amount of current liabilities should appear on Ellen Corporation's balance sheet at that date?

1)

$4,300

2)

$3,900

3)

$4,800

4)

$5,400

Freight costs incurred by the seller on outgoing merchandise are considered

1)	part of inventory.

2)	part of purchases.

3)	part of cost of goods sold.

4)	both operating expenses to the seller and part of inventory.

5)	operating expenses to the seller.