TS Shows what is correct or incorrect for the work you have completed so far. It does not indicate The December 31, 2021, inventory of Tog Company, based on a physical count, was determined to be $461,000 Included in that count was a shipment of goods received from a supplier at the end of the month that cost $61,000. The purchase was recorded and paid for in 2022. Another supplier shipment costing $25,500 was correctly recorded as a purchase in 2021. However, the merchandise shipped FOB shipping point was not received until 2022 and was incorrectly omitted from the physical count Athird purchase, shipped from a supplier FOB shipping point on December 28 2021, did not arrive until January 3, 2022. The merchandise which cost $91.000, was not included in the physical count and the purchase has not yet been recorded The company uses a periodic inventory system Required: 1. Determine the correct December 31, 2021, inventory balance and, assuming that the errors were discovered after the 2021 statements were issued analyze the effect or the errors on 2021 cost of goods sold, net income and retained coming on income taxes 2. Prepare a jouma entry to correct the errors Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare a journal entry to correct the errors (Ir no entry is required for a transaction/event, select "No journal required in the first account field Debit Creat General Journal No Transaction 115.500 38.500 Inventory OOO 1 152.000 Retained earnings Purchases