4.13 End-of-reporting-period reconciliation and NRV *** LO5, 7 Perth Emporium is a gift shop situated in a small fishing village. The business carries a range of merchandise that it accounts for under the perpetual method. Cost is assigned using the FIFO cost formula. All purchases are on FOB shipping terms, with 30 days credit. The end of the reporting period is 30 June. A physical count of inventories at 30 June 2020 found inventories worth $189 650. The inven- tories control ledger account at that date had a balance of $193 700. Investigations of the discrep- ancy between these two figures revealed the following. An unopened carton containing posters worth $420 had not been included in the count. Seven large conch shells were found to be damaged beyond repair and were not recorded in the count. The shells, worth $220, are still recorded in the inventories records. Goods costing $590 were ordered on 27 June 2020 and delivered to the transport company by the supplier on 29 June. As the goods were in transit on 30 June, they were not included in the count. The purchase was recorded when the goods arrived at the shop on 2 July 2020. Perth Emporium has a number of paintings on display in local restaurants on a consignment basis. The paintings are worth $4200 and were not included in the count. A brass telescope had been sold for $1200 on 30 June. As the telescope was still in the shop awaiting collection by the owner, it was included in the count. The telescope cost $950. Five missing dolphin statues worth $160 could not be located and are presumed to have been stolen from the shop. Required 1. Reconcile the inventories control ledger account balance with the physical count figure (adjust both figures as necessary). 2. Prepare any journal entries necessary to achieve the reconciliation