14 The December 31, 2018, inventory of Tog Com based on a physical count, was determined to be $465,000. Included in that cournt was a shipment of goods received from a supplier at FOB shipping point, was not received until 2019 incorrectly onm not included in the physical count and the purchase has not yet been recorded. The company uses a periodic inventory system The purchase was recorded and pald for was correctly recorded as a purchase in 2018. However, the merchandise, shipped ts 9 and was incorrectly omitted from the physical count. A third purchase, shipped from a 28, 2018, did not arrive until January 3, 2019. The merchandise, which cost $95,000, was ferences 1. Determine the correct December 31, 2018, inventory balance and, assuming that the errors were discovered after the 2018 finencial statements were issued, analyze the effect of the errors on 2018 cost of goods sold, net income, and retained earnings ignore income taxes.) 2. Prepare a journal entry to correct the errors. Complet this question by entering your answers in the tabs below. e the correct December 31, 2018, inventory balance and, assuming that the errors were discovered after the 2018 earnings. (Ignore income taxes.) analyze the effect of the errors on 2018 cost of goods sold, net income, and retained