You were engaged to perform an audit of the accounts of Yu Zhong Corporation for the year ended December 31,2020 and have observed the taking of the physical inventory count of the company on December 30,2020. Only merchandise shipped by Yu Zhong to customers up to end including December 30,2020 has been eliminated from inventory. The inventory as determined by physical inventory count has been recorded on the books by the company's controller. No perpetual records are maintained. All sales are made on FOB shipping point basis. You are to assume that all purchase invoice have been correctly recorded. The following list of sales invoices are entered in the sales books for months of December 2020 and January 2021 respectively. abobe DECEMBER 2020 Sales invoice amount Sales invoice date a) P30,000 December 21 b) 22,000 December 31 10,000 December 29 40,000 December 31 100,000 December 30 COGS Date shipped P20,000 December 31, 2020 18,000 December 30, 2020 6,000 December 30, 2020 24,000 January 03, 2021 56,000 December 29, 2020 (shipped to consignee)* 80,000 January 2, 2021 December 30 f) 120,000 JANUARY 2021 g) 60,000 h) 40,000 i) 80,000 j) 90,000 December 31 January 02 January 3 January 4 40,000 23,000 55,000 64,000 December 30,2020 January 2, 2021 December 31, 2020 December 29, 2020 *Verification from consignee indicates that 60% of the merchandise is still unsold at December 31, 2020 Required: Prepare the necessary adjusting entries at December 31, 2020 in connection with the You were engaged to perform an audit of the accounts of Yu Zhong Corporation for the year ended December 31,2020 and have observed the taking of the physical inventory count of the company on December 30,2020. Only merchandise shipped by Yu Zhong to customers up to end including December 30,2020 has been eliminated from inventory. The inventory as determined by physical inventory count has been recorded on the books by the company's controller. No perpetual records are maintained. All sales are made on FOB shipping point basis. You are to assume that all purchase invoice have been correctly recorded. The following list of sales invoices are entered in the sales books for months of December 2020 and January 2021 respectively. abobe DECEMBER 2020 Sales invoice amount Sales invoice date a) P30,000 December 21 b) 22,000 December 31 10,000 December 29 40,000 December 31 100,000 December 30 COGS Date shipped P20,000 December 31, 2020 18,000 December 30, 2020 6,000 December 30, 2020 24,000 January 03, 2021 56,000 December 29, 2020 (shipped to consignee)* 80,000 January 2, 2021 December 30 f) 120,000 JANUARY 2021 g) 60,000 h) 40,000 i) 80,000 j) 90,000 December 31 January 02 January 3 January 4 40,000 23,000 55,000 64,000 December 30,2020 January 2, 2021 December 31, 2020 December 29, 2020 *Verification from consignee indicates that 60% of the merchandise is still unsold at December 31, 2020 Required: Prepare the necessary adjusting entries at December 31, 2020 in connection with the