Canadian Accounting:

Floyd Co. uses a periodic inventory system and counted the inventory on December 31, 20x5. The total inventory counted added up to $6,876,500 before taking into account the following:

- Late in the day on December 31, goods costing $256,000 were sold for $510,000. These goods had been counted earlier in the day. The sale was recorded on January 3, 20x6. The cheque from the customer in the amount of $510,000 was also deposited on January 3, 20x6.

- Goods costing $48,500 were shipped from a supplier on terms FOB shipping on December 28, 20x5 and were delivered on January 4, 20x6. The invoice was recorded as a payable on January 4, 20x6.

- Goods costing $65,200 were shipped from a supplier on terms FOB destination on December 30, 20x5 and were delivered on January 7, 20x6. The invoice was recorded as a payable on January 7, 20x6.

- The inventory count did not include $367,000 of goods held on consignment by some of Floyds customers.

The companys unadjusted trial balance as at December 31, 20x5 showed a balance of $6,342,000 in the Merchandise Inventory account and a balance of $17,536,000 in the Purchases of Merchandise account.

Required - Prepare the journal entry to adjust Floyds Inventory account and any other necessary adjusting journal entry/entries as at December 31, 20x5.