Question 4 Founder Corporation asks you to review its December 31, 2020 Inventory values and prepare the adjustments that we needed to the books. The following formation is olven to you: 1. Flounder uses the periodic method of recording Inventory. A physical count reveals $234,700 of inventory on hand December 31, 2020, although the books have not yet be adjusted to reflect the end Inventory 2. Not included in the physical count of inventory is $10.900 of merchandise purchased on December 15 from Shamsl. This merchandise was shipped to.b. shipping point on December and arrived in Java The Invoice arrived and was recorded on December 31, 3. Induded in Inventory is merchandise sold to Sage on December 30, Lo... destination. This merchandise was shipped after it was counted. The Invoice was prepared and recorded as a sale on account for $12,900 on December 31. The merchandise cost $7.530, and Sage received it on January 3. 4. Induded in the count of inventory was merchandise received from Dutton on December 31 with an invoice price of $15.500. The merchandise was shipped ... destination. The invoice, which has not yet arrived, has not been recorded. 5. Not induded in Inventory is $8,000 of merchandise purchased from Growler Industries. This merchandise was received on December 31, after the inventory had been counted. The invoice was received and recorded on December 30. 6. Induded in inventory was $10,500 of Inventory held by Flounder on consignment from Jackal Industries 7. Induded in Inventory was merchandise sold to Kemp.t.o.b. shipping point. This merchandise was shipped after it was counted on December 31. The Invoice was prepared and recorded as for $1.500 on December 31. The cost of this merchandise was $11.200, and Kemp received the merchandise on January 5. 8. Excluded from inventory was a carton labelled "Please accept for credit. This carton contained merchandise costing $1,900, which had been sold to a customer for $2.900. No entry had been made to the books to record the return, but none of the returned merchandise seemed damaged. 9. Flounder sold $12.700 of inventory to Simply Corp. for $19,000 on account on December 15, 2020. These items were shipped to shipping point. The terms of sale indicate that Simply Carp will be permitted to return an unlimited amount until May 15, 2021. Flounder has never provided unlimited returns in the past and is not able to estimate the amount of any potential returns that simply make Determine the proper inventory balance for Flounder Corporation at December 31, 2020 Inventory December 31, 2020 (unadjusted) Transaction 2 Transaction Transaction 4 Transaction 5 Transactions Transaction 7 Transaction Transaction