Exercise 8-5 (Part Level Submission) Bridgeport Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Bridgeport uses the periodic method of recording inventory. A physical count reveals $434,547 of inventory on hand at December 31, 2017 2. Not included in the physical count of inventory is $24,827 of merchandise parchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 3. Included in inventory is merchandise sold to Champy on December 30, f.o.b. destination This merchandise was shipped after it was counted. The invoice was prepared and recorded 4 Irdluded in inventory was merchandise received from Dudiey on December 31 with an invoice price of $28,916. The merchandise was shipped f.o.b. destination. The invoice, which S. Not included in inventory is $15,799 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been counted. Thie 6. Included in inventory was $19,310 of inventory held by Bridgeport on consignment from Jackel Industries 7. Included in inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on December 31 after it was counted. The invoice was prepared and recorded 8. Exci ded frorn inventory was a carton labeled wease accept for credit." This carton contains merchandise COsting 12775 hich had been sold to , e stormer for liano NoO had 29 and arrived in January. The invoice arrived and was recorded on December 31 as a sale on account for $23,680 on December 31. The merchandise cost $13,598, and Champy received it on January 3 has not yet arrived, has not been recorded invoice was received and recorded on December 30. as a sale for $34,965 on December 31. The cost of this merchandise was $19,462, and Kemp received the merchandise on January s. been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Bridgeport wil honor the return. (a) [ Your answer is incorrect. Try again Determine the proper inventory balance for Bridgeport Company at December 31, 2017 Inventory balance as on December 31, 2017 438436 Click if you would like to Show Work for this question: Open Show Work Version 4.24.10.8