The vintage car parts company OE EIKO Nevada was closed on January 1" for New Year'. Day, and stayed closed on January 2M in order to take a complete physical inventory. At the conclusion of the physical count on January 2, the total physical Inventory counted was $423, 700 Because the company was not quite sure about a number of inventory related items, they have provided the following list for your review and recommendation on how to handle the items noted to be sure they have a correct physical inventory as of December 31". 1. During the physical inventory on January 2, a freight truck arrived with a shipment of car parts that had been ordered on December 21st. The freight document showed the order left the suppliers warehouse on December 22 and was shipped FOB Destination with a guaranteed arrival date of December 28, The shipment was delayed due to a heavy sierra snow storm; however, because it was originally guaranteed to arrive on December 28 the parts were counted and included in physical Inventory: the total cost of the car parts was $21,945. 2. Five days later, on January 7 a large shipment of parts totaling $17,850 arrived. The shipping documents indicated the order left the supplier's warehouse roe shipping point on December 31". This order was not counted since it had arrived 7 days after December 31. 3. On December 27 Vintage Car Parts had shipped & FEDX 2 day rush order to be delivered on December 29 to a Corvette restoration shop in Concord California. The cost of the inventory was 55,900 and the invoice price to the customer was $9,875. The runh shipment was sent FOB destination, however, due to the Sierra Snow stor it actually arrived at the restoration shop in Concord on January 2". Vintage Car Parts did NOT include the shipment in their physical inventory since it was a FEDX 2 day rush shipment to the customer with a planned delivery date of December 29 4. On December 29 Vintage Car Parts received a shipment on content totaling 59,575 from the classic General Motors Parts Company On December 27 Vintage Car Parts sold $2,000 of the consigned Inventory to customer. The sale was shipped FOB destination and the customer received the shipment on December 30. The remaining balance of the inventory totaling $7,575 169.575 - $2,000) was counted and included in the physical inventory of Vintage Car Parts Required: Prepare a schedule detailing the correct amount of inventory Vintage Cartats kould report on their december 31 year and alance Shoot The Vintage Car Parts Company OP ELKO Nevaga was closed on January 1" for New Year's Day, and stayed closed on January 2nd in order to take a complete physical inventory. At the conclusion of the physical count on January 2, the total physically inventory..counted was $422.700. Because the company was not quite sure about a number of inventory related items, they have provided the following list for your review and recommendation on how to handle the items noted to be sure they have a correct physical inventory as of December 31". 1. During the physical inventory on January 24, a freight truck arrived with a shipment of car parts that had been ordered on December 21st. The freight document showed the order left the supplier's warehouse on December 22nd and was shipped FOB Destination with a guaranteed arrival date of December 28. The shipment was delayed due to a heavy sierra snow storm; however, because it was originally guaranteed to arrive on December 28, the parts were counted and included in physical inventory: the total cost of the car parts was $21, 945. 2. Five days later, on January 7th a large shipment of parts totaling $17,850 arrived. The shipping documents indicated the order left the supplier's warehouse FOB shipping point on December 31". This order was Not counted since it had arrived 7 days after December 31" 3. On December 27 Vintage Car Parts had shipped a FEDX 2 day rush order to be delivered on December 2971 to a Corvette restoration shop in Concord California. The cost of the inventory was $5,900 and the invoice price to the customer was $9,875. The rush shipment was sent FOB destination, however, due to the sierra snow storm it actually arrived at the restoration shop in Concord on January 2, Vintage Car Parts did NOT include the shipment in their physical inventory since it was a FEDX 2 day rush shipment to the customer with a planned delivery date of December 29 4. On December 23" Vintage Car Parts received a shipment on consignment totaling $9,575 from the Classic General Motors Parts Company. On December 27th Vintage Car Parts sold $2,000 of the consigned inventory to a customer. The sale was shipped FOB destination and the customer received the shipment on December 30. The remaining balance of the inventory totaling $7,575 (99,575 - $2,000) Wat counted and included in the physical inventory of Vintage Car Parts. Required: Prepare a schedule detailing the correct amount of inventory Vintage Car Parts should report on their December 31" year end Balance Sheet