2. Johnson Art Sales uses the perpetual inventory system. On September 30, 20-, the company's year end, a physical count was taken of the inventory on hand. The cost of the inventory on hand was determined to be $325,400. However, the accountant has questions about the following items: a) On the store shelves, the staff counted 7 paintings held by Johnson on consignment from a local artist. The paintings are included in the inventory count at a cost of $4,200. b) On September 30, a shipment of goods was sent to a customer, FOB destination. The cost of the goods shipped is $7,800, and freight, which is to b3 paid by Johnson, will cost $200. Thee items are not included in the inventory count. c) On October 2, a freight company delivered goods that cost $10,000 to Johnson's warehouse. The goods had been shipped by the vendor on September 29, FOB shipping point. Freight on this shipment will amount to $500 and will be paid by the appropriate party. The goods are not included in the inventory count. d) On September 30, a loyal customer visited Johnon's Art Sales and selected a painting that she wanted to purchase and paid for it in full. The sales price for the painting was $3,500 and the cost was $2,200. The customer intends to send a truck to pick up the painting no later than October 2 . The freight will cost $50 and will be paid by the customer. A "Sold" sign has been placed on the painting but it is still on display in the store. Name: Spinelli BAT4M Instructions: i) Calculate the correct inventory balance at September 30,20 - (4 Marks A) ii) For each of the above items, explain why you included or did not include the inventory items in your final count (5 Marks C)