Question: On 1 0 / 3 1 ABC purchased $ 5 0 0 of merchandise inventory under the terms FOB Shipping Point that is expected to

On 10/31 ABC purchased $500 of merchandise inventory under the terms FOB Shipping Point that is expected to arrive at its place of business 11/2. As a result, ABC should not include the $500 of merchandise inventory in its ending merchandise inventory on the October 31st balance sheet.
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