Wathi Company asks you to review its 31 December 2022 inventory values and prepare the necessary book adjustments. The following information is given to you. (i) Wathi uses the periodic method of recording inventory. A physical count reveals R234,890 of inventory on hand at 31 December 2022. (ii) R10,420 of merchandise purchased on Decem- ber 15 from Browser is not included in the physical count of inventory. This merchandise was shipped f.o.b. shipping point on 29 December and arrived in January. The invoice arrived and was recorded on 31 December. (iii) Included in inventory is merchandise sold to Bubbey on 30 December, fo.b. destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on ac- count for R12,800 on 31 December. The merchandise cost R7,350, and Bubbey received it on 3 January. (iv) Included in inventory was merchandise received from Dudley on 31 December with an invoice price of R 15,630. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded. (v) Not included in the inventory is R8,540 of merchandise purchased from Minsky Industries. This merchandise was received on 31 December after the inventory had been counted. The invoice was received and recorded on 30 December. (vi) Included in inventory was R 10,438 of inventory held by Wathi on consignment from Jackel Industries. (vii) Included in inventory is merchandise sold to Sims fo.b. shipping point. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale for R18,900 on 31 December. (viii) The cost of this merchandise was R11,520, and Sims received the merchandise on 5 January. (ix) Excluded from inventory was a carton labelled "Please accept for credit." This carton contains merchandise costing R1,500 which had been sold to a customer for R2,600. No entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged. REQUIRED: a) Determine the proper inventory balance for Wathi Company on 31 December 2022. [5 Marks] b) Prepare any correcting entries to adjust inventory and related accounts to their proper amounts on 31 December 2022. Assume the books have not been closed. [9 marks]