It wants the proper inventory balance. And prepare any correcting entries to adjust inventory to its proper amount at December 31,2017. Assume the books have not been closed.

S Kie k ORLION Oriole Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The 1. Onole uses the periodic 2. Not inclisded in yalco oel o rvrn pwchaced on method of recording inventory. A physical count reveas $281,868 of inventory on hand at December 31, 2017 count of inventory is $16,104 of merchandise purchased on December 15 from Browser, Thes merchandise was t shipped L.o b. shpping point on December 29 and arrived ie January sold to Champy on December 30, t.o.b. destination. This merchandse was shipped after & was counted. The wweice 3. Included in inventory is merchandise $15,360 on Cha 4. Included i n inventory was merchandse received from Dudley on December 31 with an invoice price of $18,756. The merchandise was shipeed Lo.b. destination. The was received on December 31 after the inventory had been counted. The invoice was received and on December 6. ncluded in inventory was $12,526 of inventory held by Orole onconsagnent from Ickel industres in inventory is merchandise sold to Kemp f.o.b. shipping 31. The cost of this on Janaary 5 costing $1,800 wtsch had been sold to a customer or %3,120. No entry had been made to the books 8. Excluded from inventory was a carton labeled "Please accept for credit, This carton contains Prepare any correcting entries to adjust inventory to its proper amount at les are automatically indented when amount is entered. Do not A Rights ,dx 11/11/20 rch