Sarasota Company asks you to review its December 31, 2017, inventory valucs and prepare the necessary adjustments to the books. The following information is given to you 1. Sarasota uses the periodic method of recording inventory. A physical count reveals $493,269 of inventory on hand at December 31, 2017 2. Not included in the physical count of inventory is $28, 182 of merchandise purchased on December 15 ron Browse This merchandise as shipped f.. Shipping point on December 29 and arrived in January. The voice arrived and was ecorded on December 31 3. Included in inventory is merchandise sold to Champy on December 30, f.o.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $26,880 on December 31, The merchandise cost $15.435, and Champy recelved it on January 3 4. Included in inventory was merchandise eceived from Dudley on December 31 with an invoice price of32 823. The merchandise was shipped f..b destination The invoice, which has n been eco ded S. Not included in inventory is $17,934 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been counted. The invoice was recelved and recorded on December 30 6. Included in inventory was $21,920 of inventory held by Sarasota on consignment from Jackel Industries 7. Included in inventory is merchandise sold to Kemp .o.b. shipping point. This merchandise was shipped on December 31 after it wos counted. The invoice was prepared and recorded as a sale for $39,690 on December 31. The cost of this merchandise was $22,092, not yet arrived, has no and Kemp received the merchandisc on January S 8. Excluded from inventory was a carton lebeled "Please accept for credit. This carton contains merchandise costing $3,150 which had been sold to a customer for $5,460. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Sarasota will honor the return. Determine the proper inventory balance for Sarasota Company at December 31, 2017 Inventory balence as on December 31, 2017 Prepare any correcting entries to edjust inventory to its proper aemount at December 31, 2017. Assume the bocks have not been closed. (IF no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually-) No. Account Titles and Explanation Debit Credit