The December $31,2024,$ inventory of Tog Company, based on a physical count, was determined to be $$450,000.$ Included in that count was a shipment of goods received from a supplier at the end of the month that cost $$50,000.$ The purchase was recorded and paid for in $2025.$ Another supplier shipment costing $$20,000$ was correctly recorded as a purchase in $2024.$ However, the merchandise, shipped FOB shipping point, was not received until $2025$ and was incorrectly omitted from the physical count. A third purchase, shipped from a supplier FOB shipping point on December $28,2024,$ did not arrive until January $3,2025.$ The merchandise, which cost $$80,000,$ was not included in the physical count and the purchase has not yet been recorded.

The company uses a periodic inventory system.

Required:

Determine the correct December $31,2024,$ inventory balance and, assuming that the errors were discovered after the $2024$ financial statements were issued, analyze the effect of the errors on $2024$ cost of goods sold, net income, and retained earnings. $($Ignore income taxes.$)$

Prepare a journal entry to correct the errors.