Concord Corporation asks you to review its December 31,2023 inventory values and prepare the adjustments that are needed to the books. The following information is given to you: 1. Concord uses the periodic method of recording imventory. A physical count reveals $234,000 of inventory on hand at December 31,2023 , although the books have not yet been adjusted to reflect the ending inventory. 2. Not included in the physical count of inventory is $10,800 of merchandise purchased on December 15 from Shamsi. This merchandise was shipped fo. b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded on December 31. 3. Included in inventory is merchandise sold to Sege on December 30 , fa b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for 512,000 on December 31 . The merchandise cost 57.760 , and Sage received it on January 3. 4. Included in the count of inventory was merchandise received from Dutton on December 31 with an invoice price of $15,600. The merchandise was shipped fa b. destination. The invoice, which has not yet arrived, has not been recorded. 5. Not included in inventoryis $8,000 of merchandise purchased from Growler Industries. This merchandise was received on December 31, after the invertory had been counted. The invoice was received and recorded on December 30 . 6. Included in inventory was $10,000 of imventory held by Concord on corsignment from Jackel Industries. 7. Included in inwentory was merchandise soid to Kema. fo b. shipping point. This merchandise was shipped after it was counted, on December 31 . The imvoice was prepared and recorded as a sale for $18,000 on December 31 The cost of this merchandise was $11,600, and Kemp received the merchendise on Januery 5. 8. Excluded from inventory was a carton labelled "Please accept for crecit" This carton contained merchandise costing $1.800, Which had been sold to a customer for $2,600 No entry had been mede to the bools to record the return, but none of the returned merchandise seemed damaged. 9. Concord sold $12,800 of imventory to Simply Corp. for $18,000 on account on December 15, 2023. These items were shipped fo b-shipping point. The terms of sale indicate that Simply Corp will be permitted to return an unlimited amount until May 15,2024. Concord has newer provided unlimited returns in the past and is not able to estimate the amount of any potential returns that Simply moy make. (a) Determine the proper inventory balance for Concord at December 31, 2023