Enzo, Inc. completed his first year of trading as a toy wholesaler on December 31, 2018. He is worried about his end-of-year physical and cut-off procedures. The inventory account balance at December 31, 2018 under the perpetual inventory method was P314,800. His physical count, however, revealed the cost of inventory on hand on December 31, 2018 to be only P293,600. While Enzo expected a small inventory shortfall due to breakage and petty theft, he considered this shortfall to be excessive.

Upon investigating reasons for inventory shortfall, Enzo discovered the following:

- Goods costing P3,200 were sold on credit to Kim for P5,200 on December 26, 2018 on FOB destination terms. The goods were still in transit at December 31, 2018. Enzo, Inc. recorded the sale on December 26, 2018 but did not include these goods in the physical count.

- Goods costing P8,400 were sold on credit to YGY Co. for P12,800 on December 24, 2018 on FOB shipping terms. The goods were shipped on December 28, 2018. The sale was unrecorded at December 31, 2018 and Pedro did not include these goods in the physical count.

- Goods costing P6,000 had been returned to NCT Co. on December 31, 2018. A credit note was received from the supplier on January 5, 2019. No payment had been made for the goods prior to their return.

- Included in the physical count were P8,800 of goods held on consignment.

- Goods costing P3,640 were purchased on credit from Vincent on December 24, 2018 and received on December 28, 2018. The purchase was unrecorded at December 31, 2018 but the goods were included in the physical count.

- Goods costing P1600 were purchased on credit from Ester Supplies on December 23, 2018 on FOB shipping terms. The goods were delivered to the transport company on December 27, 2018 but since the goods had not yet arrived, Enzo did not include these goods in the physical count.

- On December 31, 2018, Enzo had unsold goods costing P14,800 out on consignment. These goods were not included in the physical count.

Requirements:

Prepare a working paper in good form?

How much is the adjusted inventory balance per ledger?

How much is the adjusted inventory balance per count ?

How much is the adjusted inventory balance shortage?