Question 1. LO 10 Items to include in inventory The following notes pertain to the inventory held by Champs Pet Food Emporium: a. Champs Pet Food Emporium had inventory on hand of $217,490 on December 31, 2020. b. Merchandise costing $3,498 arrived January 5, 2021 and was recorded in the purchases journal on that date. The inventory was purchased f.o.b. shipping point and was sent from the suppliers warehouse on December 29. c. Champs Pet Food ships goods to customers f.o.b. shipping point. On December 31, goods with a cost of $15,300 were recorded as sold for $32,600. The goods left the warehouse on December 31. The customers will receive the goods on January 3. d. Champs Pet Food has merchandise costing $4,500 at a consignment seller's location. It has not been included in the physical count. Assume that a perpetual inventory system is used. Required: Determine the correct dollar value for the inventory on December 31, 2020