Example: A company's Dec. 31St year-end balance sheet showed $72,000 of inventory. The company uses the perpetual inventory system. After reviewing the company's records, the auditor noted the following items which had not been included when calculating this amount because it was not in the warehouse during the physical count: 0 On Dec. 31St the company was notied that $12,600 of inventory purchased on account from a wholesaler had been shipped on Dec. 30th, FOB shipping point. No journal entry recorded. 0 On Dec. 31'\