Disguised consignment sales made on account. Inventory still owned, was 1 point not counted. Assuming the company uses the periodic inventory system, what, if any, adjustment should be made to correct Inventory at December 31? The shipments were made on December 1. Sales on account were recorded in the amount of $500,000. The cost to manufacture the products was $300,000 DR: Inventory 300,000; CR; COGS 300,000 DR: COGS 300,000 CR: Inventory 300,000 No adjustment necessary