An auditor discovered potential cutoff and valuation problems that may or may not require adjusting journal entries. The company uses a perpetual inventory accounting system. For each of the potential cutoff and valuation problems indicated below, complete the required journal entries. Round all amounts to the nearest dollar.

1) The company shipped merchandise valued at $100,000 F.O.B. destination on December 28, Year 3, and recorded the sale and relief of inventory on that date. The customer received the merchandise on January 4, Year 4. The merchandise has a profit margin of 20%. Record the necessary Year 3 adjustments, if any.

2) The goods valued at $50,000 were shipped F.O.B. shipping point from a vendor on December 29, Year 3, and recorded in the company's books on the same date. The company received the inventory on January 5, Year 4. Record the necessary Year 3 adjustments, if any.

3) The year end inventory physical count found 10,000 inventory items with a historical cost of $5 per item. The market price per item at the year end was $4. Because the inventory was recorded in the books at the amount of $50,000, no journal entry was made by the company. Record the necessary Year 3 adjustments, if any.