Edit View History Bookmarks Window Help 100% Wed 9:45 PM Jake Meisen Q newconnect.meducation.com Merw. Connect Chapter 3 Problems er 3 Problems Help Save & Ext Submit Check my work Ho Designs experienced the following events during 2018, its first year of operation 1. Started the business when it acquired $97,000 cash from the issue of common stock 2. Paid $41,000 cash to purchase inventory. 3. Sold Inventory costing $23,600 for $47000 cash 4. Physically counted Inventory showing $17100 Inventory was on hand at the end of the accounting period, 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