After stocktaking for the year ended 31 May 20X0 had taken place, the closing inventory ofCobden Ltd was aggregated to a figure of 87,612.During the course of the audit that followed, the undernoted facts were discovered:(a) Some goods stored outside had been included at their normal cost price of 570. Theyhad, however, deteriorated and would require an estimated 120 to be spent to restorethem to their original condition, after which they could be sold for 800.(b) Some goods had been damaged and were now unsaleable. They could, however, besold for 110 as spares after repairs estimated at 40 had been carried out. They hadoriginally cost 200.(c) One inventory sheet had been over-added by 126 and another under-added by 72.(d) Cobden Ltd had received goods costing 2,010 during the last week of May 20X0 butbecause the invoices did not arrive until June 20X0, they have not been included ininventories.(e) An inventory sheet total of 1,234 had been transferred to the summary sheet as1,243.(f) Invoices totalling 638 arrived during the last week of May 20X0 (and were included inpurchases and in trade payables) but, because of transport delays, the goods did notarrive until late June 20X0 and were not included in closing inventory.(g) Portable generators on hire from another company at a charge of 347 were included,at this figure, in inventories.(h) Free samples sent to Cobden Ltd by various suppliers had been included ininventories at the catalogue price of 63.(i) Goods costing 418 sent to customers on a sale-or-return basis had been included ininventories by Cobden Ltd at their selling price, 602.(j) Goods sent on a sale-or-return basis to Cobden Ltd had been included in inventoriesat the amount payable (267) if retained. No decision to retain had been made.Required:Using such of the above information as is relevant, prepare a schedule amending theinventory figure as at 31 May 20X0. State your reason for each amendment or for notmaking an amendment.