Wildhorse Company asks you to review its December 31, 2017, inventory values and prepare the necessary adjustments to the books. The following information is given to you. 1. Wildhorse uses the periodic method of recording inventory. A physical count reveals $481,525 of inventory on hand at December 31, 2017. 2. Not included in the physical count of inventory is $27,511 of merchandise purchased on December 15 from Browser. This merchandise was shipped f.o.b. shipping point on December 29 and arrived in January. The invoice arrived and was recorded 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 sale on account for $26,240 on December 31. The merchandise cost $15,068, and Champy received it on January 3. 4. Included in inventory was merchandise received from Dudley on December 31 with an invoice price of $32,042. The merchandise was shipped f.o.b. destination. The invoice, which has not yet arrived, has not been recorded. 5. Not included in inventory is $17,507 of merchandise purchased from Glowser Industries. This merchandise was received on December 31 after the inventory had been counted The invoice was received and recorded on December 30. 6. Included in inventory was $21,398 of inventory held by Wildhorse on consignment from Jackel Industries. 7. Included inventory is merchandise sold to Kemp f.o.b. shipping point. This merchandise was shipped on December 31 after it was counted. The invoice was prepared and this merchandise was $21,566, and Kemp receiv The cost merchandise on Janua recorded as a sale $38,745 on December 8. Excluded from inventory was a carton labeled "Please accept for credit." This carton contains merchandise costing $3,075 which had been sold to entry had been made to the books to reflect the return, but none of the returned merchandise seemed damaged; Wildhorse willl honor the return. customer for $5,330. No (a) Your answer is incorrect. Try again. Determine the proper inventory balance for Wildhorse Company at December 31, 2017. Inventory balance as on December 31, 2017 486124