ded in inventory was $10,438 of inventory held by Craig on uded in inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on becem after i a was $10,520, and Kemp received the merchandise on January 5 counted. The invoice was prepared and recorded as a sale for $18.900 on December 31. The cost of this mer- from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing t from Jackel Industries. which had been sold to a custo returned merchandise seemed da mer for $2,600. No entry had been made maged; Craig will honor the return. to the books to reflect the return, but none of the $1,500 Instructions Determine the proper inventory balance for Craig Company at December 31, 2017. Prepare any correcting entries to adjust inventory to its proper amount at December 31,2017. Assume the books ha not been closed. ) (Determining Merchandise Amounts-Periodie) Two or more items are omitted in each of the following tak E8-6 (LO2) tions of in statement data. Fill in the amounts that are missing. 2016 11,000 20,000 20172018 Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances $290,000 ? $410,000 13,000 347,000 32,000 298,000 260,000 8,000 5,000 8,000 233,000 46,000 10,000 12,000 293,000 97,000 Freight-in 9,000 Cost of goods sold Gross profit on sales 91,000