Question 9 Cobweb Corporation (CC), a company that follows IFRS asks you to review its December 31 2021 inventory values. You have been provided the following information: 1) A physical count of the inventory on December 31, 2021 shows actual inventory on hand to be $343,000. 2) Not included in the physical inventory count is $8,750 of inventory purchased on December 16, 2021. The inventory was shipped from the supplier on December 28, 2021 f.o.b. shipping point and arrived on January 2, 2022. The invoice arrived and was recorded on December 31, 2021. 3) Included in the inventory count was $12,500 of inventory held by CC on consignment from Dark Horse Ltd. 4) Included in the inventory count was merchandise sold to Zombie Scream Ltd. (ZSL). f.o.b. shipping point. The inventory was shipped after it was counted on December 31, 2021. The invoice was prepared and recorded as a sale for $27,500 on December 31, 2021. The cost of this inventory was $21,000 and ZSL received the inventory on January 4, 2022. 5) Included in the inventory count was $8,500 sold to Broomstick Ltd. (BL) f.0.b. destination. The merchandise was shipped after it was counted and BL received it on January 2, 2022 6) Excluded from the inventory count was a crate of inventory with a note stating "please accept for credit". The crate had merchandise costing $2,000 that had been sold to the customer for $2,900. No entry has been made to the books to record the return and the inventory does not appear to be damaged. Required (10 marks): a) Determine what the inventory balance should actually be at December 31, 2021. (Show your computations)