Neco Model Questions Vol1 2019 Financial Accounting Question 21

The trial balance of a merchandising firm before adjustments shows the following balances (in Naira): \begin{tabular}{lrr} Account & Dr & Cr\\ Cash & 45,000 & \\ Accounts Receivable & 30,000 & \\ Inventory & \(\,?\) & \\ Equipment & 120,000 & \\ Accumulated Depreciation - Equipment & & 20,000\\ Accounts Payable & & 50,000\\ Capital & & 150,000\\ Drawings & 10,000 & \\ Sales Revenue & & 200,000\\ Cost of Goods Sold & 130,000 & \\ Salaries Expense & 25,000 & \\ \end{tabular} During the year the following adjusting entries are required: 1. Depreciation expense of 12,000 Naira. 2. Accrued salaries expense of 5,000 Naira (to be recorded as Salaries Expense and Salaries Payable). After posting the adjustments, the trial balance must balance (total debits = total credits). What is the correct balance of the Inventory account?