The December 31,2024, inventory of Tog Company, based on a physical count, was determined to be $460,000. Included in that count was a shipment of goods received from a suppller at the end of the month that cost $60,000. The purchase was recorded and paid for in 2025. Another supplier shipment costing $25,000 was correctly recorded as a purchase in 2024 . However, the merchandise, shipped FOB shipping point, was not recelved 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 artive until January 3, 2025. The merchandise. which cost $90,000. was not included in the physical count and the purchase has not yet been recorded. The company uses a periodic inventory system Required: 1. 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) 2. Prepare a journal entry to correct the errors. 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 soid, net income, and retained earnings. (Ignore income taxes.) Journal entry worksheet Record the eniry to correct inventory valuation. Notei Enter debits before credits