P ROBLEM 2 You are engaged to perform an audit of the accounts of the Corporation of the year ended December 31,2017, and have observed the taking of the physical inventory of the company on December 28, 2017. Only merchandise shipped by the Corporation to customers up to and including December 28, 2017 has been eliminated from the inventory. The inventory, as determined by physical inventory count, has been recorded on the books by the company's comptroller. No perpetual inventory correctly recorded. records. All sales are made on an F.O.B. Destination basis. You are to assume that all invoices have been The following list of sales invoices is entered In the sales book for the months of December, 2017 and January 2018, respectively. Sales Invoice Sales Invoice Cost of Mase. Amount Date Shipped Date Sold December 2017 P 3,000 Dec. 21 P 2,000 Dec. 31, 17 7,000 Dec. 28 6,100 Dec. 28,17 2,000 Dec. 31 800 Jan. 3,18 6,900 Dec. 26 7,000 Jan. 4,18 1,000 Dec. 29 600 Dec. 30, 17 4,500 Nov. 7 8,200 Dec. 1,17 4,000 Dec. 31 2,400 Jan. 3, 18 10,000 Dec. 30 5,600 Dec. 29, 18 (Shipped to consignee) January, 2018 6,000 Dec. 31 4.000 Dec. 30, 17 3,300 Dec. 23 4,400 Jan. 1, 18 4,000 Jan. 2 2,300 Jan. 2, 18 8,000 Jan. 3 5,500 Dec. 31, 17 REQUIRED: Record the necessary adjusting journal entries at December 31,2017 in connection with the foregoi data. Dec 31 - JAN 3