Bead It Inc. is a merchandiser. Use the following information to calculate its inventory balance on its December 31 year-end balance sheet. Note: All purchases of inventory are on account. Cost of Goods Sold during the year $38,000 January 1 Inventory 8,000 Sales during the year 71,000 December 31 Accounts Payable 18,000 Purchases of Inventory on Account during the year December 31 Inventory = $. 48,000