Huels LLC purchases inventory on account for $15,500 from Wiza Corporation and plans to sell the inventory for $23,500. The effect on Huels LLC's expanded accounting equation from the purchase of inventory is:
Increase Inventory $15,500; Increase Accounts Payable $15,500
Increase Inventory $15,500; Decrease Cash $15,500
Increase Cost of Goods Sold $15,500; Increase Accounts Payable $15,500
Increase Cost of Goods Sold $15,500; Decrease Accounts Payable $15,500