3. Cortez Company has just completed a physical inventory count at year-end on December 31, 2022 Only the items on the shelves, in storage, and in the receiving area were counted and reported on the FIFO basis. The inventory amounted to $210,000. During the audit, the independent CPA discovered the following additional information (a) There were goods in transit on December 31, 2022 from a supplier with terms F.O.B. Destination costing $20,000. Because the goods had not arrived, they were excluded from the physical Inventory (b) Cortez Company received notice from a supplier that goods ordered earlier at a cost of $15,000 had been delivered to the trucking company, a common carrier, on December 28, 2022. The terms were FOB. Shipping Point. Because the shipment had not arrived on December 31, 2022, it was excluded from the physical inventory. (c) On December 31, 2022, there were goods in transit to customers in the amount of $8,000, terms terms F.O.B. Shipping Point. The expected delivery date was January 8, 2023. Because the goods had been shipped, they were excluded from the physical inventory. (d) On December 31, 2022, Cortez Company shipped $7,500 worth of goods to a customer, F.O.B Destination. The goods were expected to arrive on January 5, 2023 Because the goods were not on hand, they were excluded from the physical inventory Required: Analyze the information above for Cortez Company and calculate a corrected amount for the ending inventory. Please show your work for partial credit and explain the basis for your answer.