The OEC Company maintains a perpetual inventory system. The following information is available related to its December 31, 2020 year end:

1. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the inventory was received on December 28, 2020.

2. An invoice for $7,500, terms f.o.b. shipping point, was received and entered on December 30, 2020. The receiving report shows that the inventory was received on January 4, 2021, and the bill of lading shows that the inventory was shipped on January 2, 2021.

3. Inventory costing $5,500 was received on December 20, 2020, on consignment from PPC. No journal entry has been made.

Required:

Prepare any correcting journal entries that are required at December 31, 2020, assuming that the books have not been closed. If no correction is needed, explain why. (6 marks)