On December 10 of the Current Year, XTREME Sports Inc

Multiple Choice

On December 10 of the current year, XTREME Sports Inc.receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team's logo, which the team intends to distribute to fans entering a hockey game during the first week in January.XTREME Sports Inc.completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting period ends.Unfortunately, a snowstorm on December 31 prevented their shipment.XTREME Sports Inc.recorded this transaction as a sale for December, and reduced its inventory accordingly.It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory.These actions

A) are in accordance with U.S.GAAP.
B) are in accordance with IFRS.
C) violate ethical principles.
D) are in accordance with U.S.GAAP, but not IFRS.
E) are in accordance with IFRS, but not U.S.GAAP.