Your audit team has been assigned to complete a cutoff test for sales and Cost of Goods Sold (CGs). Below is information from the Sales Journal and related CGs for December 2021 and January 2022. Other information: - The company uses a periodic inventory system. They have determined the ending inventory and recorded the adjustment on the books. The inventory is based on a physical inventory count and pricing it properly. - The physical inventory was taken on December 30th. All inventory shipped by the end of Dec. 30th is NOT included in the physical inventory. - Sales terms are FOB shipping point. - Assume all Purchases of Inventory have been recorded correctly. - The company has a December 31st year-end. Required: Review the information above and determine if the item has been properly recorded (in the correct year). Don't forget to consider whether you neod to adjust the Sales and or the related Inventory amoaat. There may be some item(s) which are correct and do nct need any adjustments. Prepare aay adjusting entries in the place provided below. If an item is correct write 'N/N? Your audit team has been assigned to complete a cutoff test for sales and Cost of Goods Sold (CGs). Below is information from the Sales Journal and related CGs for December 2021 and January 2022. Other information: - The company uses a periodic inventory system. They have determined the ending inventory and recorded the adjustment on the books. The inventory is based on a physical inventory count and pricing it properly. - The physical inventory was taken on December 30th. All inventory shipped by the end of Dec. 30th is NOT included in the physical inventory. - Sales terms are FOB shipping point. - Assume all Purchases of Inventory have been recorded correctly. - The company has a December 31st year-end. Required: Review the information above and determine if the item has been properly recorded (in the correct year). Don't forget to consider whether you neod to adjust the Sales and or the related Inventory amoaat. There may be some item(s) which are correct and do nct need any adjustments. Prepare aay adjusting entries in the place provided below. If an item is correct write 'N/N