B17 After stocktaking for the year ended 31 May 20X4 had taken place, the closing inventory of Cobden Ltd was aggregated to a figure of 103,612. During the course of the audit that followed, the undernoted facts were discovered: 1 Some goods stored outside had been included at their normal cost price of 730. They had, however, deteriorated and would require an estimated 280 to be spent to restore them to their original condition, after which they could be sold for 1,120. 2 Some goods had been damaged and were now unsaleable. They could, however, be sold for 270 as spares after repairs estimated at 56 had been carried out. They had originally cost 520. 3 One inventory sheet had been overadded by 446 and another under-added by 88. 4 An inventory sheet total of 1,394 had been transferred to the summary sheet as 1,435. 5 Invoices totalling 798 arrived during the last week of May 20X4 (and were included in purchases and in trade payables) but, because of transport delays, the goods did not arrive until late June 20X4 and were not included in closing inventory. 6 Portable generators on hire from another company at a charge of 507 were included, at this figure, in inventories. 7 Free samples sent to Cobden Ltd by various suppliers had been included in inventories at the catalogue price of 79. 8 Goods costing 578 sent to customers on a sale or return basis had been included in inventories by Cobden Ltd at their selling price, 922. 15 Required: Using such of the above information as is relevant, prepare a schedule amending the inventory figure as at 31 May 20X4 and give brief explanation for each item (see an example in the provided answer template) Cobden Ltd Schedule of amended inventory value as at 31 May 20X4 Brief explanation for adjustments Original inventory amount 103,612 1 2 3 Correction of arithmetic error 4 5 6 7 8 Amended inventory