The filter "Convert line breaks into HTML (i.e. <br> and <p>)" turns line breaks inside <li> tags into unmatched closing </p> tags

When line breaks are included inside <li> tags, unmatched closing </p> tags are generated.

Reproduce steps:
1.Go to /admin/config/content/formats/full_html, Enable filter "Convert line breaks into HTML (i.e. < br > and < p >)" under section "Enabled filters"
2.Add below html to node's body field with text format "Full HTML" and save

<ul><li>Here is a list Item.</li>
<li>Here is another list item, this time containing a line break which is converted by the filter to a br tag.
This is some more text followed by two line breaks, which the filter converts to a p tag.

And now some more text.</li>
</ul>

Expect:

• Here is a list Item.
• Here is another list item, this time containing a line break which is converted by the filter to a br tag.
  Then some more text followed by two line breaks, which the filter converts to a p tag.

  And now some more text.

What happened instead?
We're getting an extra </p> tag as follows:

<ul>
<li>Here is a list Item.</li>
<li>Here is another list item, this time containing a line break which is converted by the filter to a br tag.<br />
Then some more text followed by two line breaks, which the filter converts to a p tag.</p>
<p>And now some more text.</li>
</ul>

Repeat the experiement with unclosed <li> tags, and two unclosed <p> tags are generated, as follows:

<ul>
<li>Here is a list Item.</p>
<li>Here is another list item, this time containing a line break which is converted by the filter to a br tag.<br />
This is some more text followed by two line breaks, which the filter converts to a p tag.</p>
<p>And now some more text.
</ul>