Inventory has been shipped on consignment. These transactions have been recorded as ordinary sales and billed as such on account. Inventory billed and in the hands of consignees amount to 280,000 at december 2016 and 425000 at december 31 2017. The cost of goods sold is 80% of the selling price in each year. Assume that all the consigned inventory is sold in the following year. The company uses the perpetual inventory system. Need: Journal Entries