On 31 December 205, Office Systems Ltd.'s books showed an ending Irventory valuation of $320,000. The accounts for 205 have been adjusted and closed. Subsequently, the bookkeeper prepared a schedule that showed that the Inventory should be $350,500. not $308,000 Income tax rate =30% Required: 1. Revlew the items making up the list of Inventory. Compute the correct ending Inventory amount. 2. The income statement and SFP now reflect a closing inventory of $320,000. List the items on the income statement and SFP for 205 that should be corrected for the above errors; glve the amount of the error for each item affected