Case 1 - Inventory analysis and proposed adjusting journal entry Helsinki Company asks you to perform an audit of its December 31, 2023 inventory values and account balances. Based on your inquiry and inspection of related documents, you gather the following information: [1.] Helsinki uses periodic method of recording inventory. A physical count or reveals P890,000 inventory on hand at December 31, 2023.jow [2.] Not included in the physical count of inventory is P135,000 of 10merchandise purchase on December 27 from Yokohama. This end merchandise was shipped FOB shipping point on December 29 and arrived in January. The invoice received via email and was recorded on December 31, 2023. [3.] A merchandise was sold to Helsinki on December 30 with terms FOB shipping point. The invoice was received and recorded as a purchase on account for P185,000 on December 31. The merchandise was received by Helsinki on January 3, 2024. [4.] A merchandise purchased was in transit as of December 31, 2023 to port of destination with invoice cost of P210,000, Helsinki paid P20,000 as shipment fee up to port of destination. Term of shipment is free alongside ship. cost or marke [5.] Not included in inventory is P220,000 worth of merchandise purchased from Nara Corp. The merchandise was received on December 31, 2023 after the inventory had been counted. The invoice was received and recorded on December 31, 2023, term FOB destination. [6.] Included in inventory is merchandise sold to Helsinki from Tokeru. The cost of the merchandise is P140,000 received on December 27, 2023. Helsinki and Tokeru had an agreement that the merchandise will be repurchased in January 2024 at 5% above cost.ex [7.] Excluded from inventory is merchandise sold to Mukbang for P750,000. The cost of merchandise is P312,500, sold on installment basis. The goods were delivered to Mukbang but in transit as of December 30, 2023. for 600 Determine the following as a result of your audit: 1. What are your proposed adjusting journal entries related to your audit of inventory and related accounts as of December 31, 2023? 2. How much is the correct balance of inventory as of December 31, 2021?