7 1 points eBook Hint References Ho Designs experienced the following events during Year 1, its first year of operation: 1. Started the business when it acquired $85,000 cash from the issue of common stock. 2. Paid $37,000 cash to purchase inventory. 3. Sold inventory costing $22,000 for $43,000 cash. 4. Physically counted inventory showing $14,700 inventory was on hand at the end of the accounting period. Check my work Required a. Determine the amount of the difference between book balance and the actual amount of inventory as determined by the physical count. Difference in book and actual inventory

Ho Designs experlenced the following events during Year 1 , its first year of operation: 1. Started the business when it acquired $85,000 cash from the issue of common stock. 2. Paid $37,000 cash to purchase inventory. 3. Sold inventory costing $22,000 for $43,000cash. 4. Physically counted inventory showing $14,700 inventory was on hand at the end of the accounting period Required a. Determine the amount of the difference between book balance and the actuat amount of invertory as determined by the physical count