Accounting for Purchases and Sales of Goods: [193280Q6101019] Trojan Company [the firm] counted inventory in the morning of December 31, Year 1 The inventory amounted to $400 according to the physical count. All dollar amounts in thousands for ease of expression. Assume the firm uses the periodic system. In reviewing the accounting records of the firm, you have discovered the following information: a. Excluded from the physical count were goods on the firm's shipping dock that were not shipped until January 2, Year 2. The sales terms were FOB shipping point. The goods had a cost of $30 and a retail value of $45. The firm mailed the sales invoice to the customer on January 3, Year 2. The firm had recorded the sale on account on the day it mailed the invoice. b. The firm purchased $50 of goods from a supplier with purchase terms of FOB destination. The purchase invoice arrived on December 30, Year 1, and the purchase was recorded in the books on that day. The goods were included in the physical count because one of the workers knew about the purchase being recorded in the books on December 30, Year 1. The goods were shipped on December 28, Year 1 and arrived one week later c. The firm ordered some inventory from a supplier on December 28, Year 1. The goods cost $70 and the purchase terms were FOB shipping point. The goods were shipped on December 29, Year 1 and arrived on January 4, Year 2. The invoice arrived on January 5, Year 2, and the purchase was recorded in the books on that day Required: What adjustments to the firm's accounting records for Year 1 seem appropriate for each of the items above? Show journal entries for each of the items or a statement telling that no journal entry is needed . c. What adjustments to the firm's ending inventory according to the physical count seem appropriate? List all of the adjustments that seem appropriate. Make it apparent whether you are increasing the physical count, decreasing the physical or not changing the physical count a. b