12.Using the following given, answer the guide questions in the audit of related accounts: An invoice for Php30,000, FOB Shipping Point was received and recorded on January 4. The invoice shows that the goods had been shipped on December 28 and the receiving report indicates that the goods had been received on January 4. The merchandise was excluded from inventory..What is the effect of the said transaction? (3 Points) There was a valid purchase, purchase was not properly recorded, ending inventory is understated, no effect on Net income There was no valid purchase, purchase was not properly recorded, ending inventory is understated, no effect on Net income There was a valid purchase, purchase was not properly recorded, ending inventory is understated, Net income is overstated