4. In your audit of Nelson Company, you find that a physical inventory on December 31, 2017, showed merchandise with a cost of $427,000 was on hand at that date. You also discover the following items were all excluded from the $427,000 a. Merchandise costing $55,000 shipped by a vendor fo.b shipping point on December b. Merchandise of $58,000 which is held by Nelson on consignment. The consignor is c. Merchandise costing $82,000 shipped by a vendor fo.b destination on December d. Merchandise costing $46,000 was shipped by Nelson f.o.b shipping point to a 31, 2017, and received by Nelson on January 5, 2018 the Jackson Company 30,2017 and received by Nelson on January 4, 2018. customer on December 29, 2017. The customer was scheduled to receive Based on the above information, indicate if the item was correctly excluded from final inventory If the item was correctly excluded from inventory, indicate CORRECT in the corresponding box. IF it was improperly excluded, make the correction in the corresponding box. Lastly calculate a corrected final balance of inventory that should appear on Nelson's balance sheet at December 31, 2017 Inventory per books December 31,2017 $427,000 a. C. Corrected Inventory at December 31, 2017