11.Using the following given, answer the guide questions in the audit of related accounts: An invoice for Php 140,000, FOB destination, was received and recorded on January 4. The receiving report indicates that the goods were received on December 29. The merchandise were included in inventory. What is the effect of the said transaction? (3 Points) There was a valid purchase, purchase was not properly recorded, Net Income is overstated There was a valid purchase, purchase was not properly recorded, Net Income is understated There was no valid purchase, purchase was not properly recorded, Net Income is correct