Question 3: Inventory (11 marks) A physical count of inventory revealed that as of 31 December 2021_Polly-Market Ltd. had inventory on hand with a cost of $700,000. Norton Company uses the perpetual method to record inventory transactions. Required: 1. Based on the information provided below, calculate in Column [1] the amount that shouldappear for inventory on the statement of financial position on 31 December 2021. (5 marks) 2. Prepare in Column [2] the journal_entries_necessary to adjust the inventory general ledger account to the amount calculated in requirement 1 above. Narratives for entries are not required. (6 marks) Question 3: Inventory (11 marks) A physical count of inventory revealed that as of 31 December 2021_Polly-Market Ltd. had inventory on hand with a cost of $700,000. Norton Company uses the perpetual method to record inventory transactions. Required: 1. Based on the information provided below, calculate in Column [1] the amount that shouldappear for inventory on the statement of financial position on 31 December 2021. (5 marks) 2. Prepare in Column [2] the journal_entries_necessary to adjust the inventory general ledger account to the amount calculated in requirement 1 above. Narratives for entries are not required. (6 marks)