When inventory is purchased on credit with terms FOB shipping point, what does the buyer do? Responses The buyer reports the liability when the goods leave the seller's place of business. The buyer reports the liability when the goods leave the seller's place of business. The seller bears the insurance expense of goods during transit. The seller bears the insurance expense of goods during transit. The buyer reports the liability when the goods reach the buyer's place of business. The buyer reports the liability when the goods reach the buyer's place of business. The buyer receives a discount if payment is made before the goods leave the seller's place of business