Time left 0:51:12 Fyodorov Company, using a periodic inventory system, has just completed a physical inventory count at year end, December 31, 2021. Only the items on the shelves, in storage, and in the receiving area were counted. The inventory amounted to $60,000. During the audit, the independent CPA discovered the following additional information: 1. There were goods in transit on December 31, 2021, from a supplier with terms FOB destination, costing $8,000. Because the goods had not arrived, they were excluded from the physical inventory count. 2. On December 27, 2021, a regular customer purchased goods for cash amounting to $1,000 and left them for pickup on January 4, 2022. Fyodorov Company had paid $500 for the goods and, because they were on hand, included them in the physical inventory count. Fyodorov Company, on the date of the inventory count, received notice from a supplier that 3. goods ordered earlier, at a cost of $4,000, had been delivered to the transportation company on December 28, 2021; the terms were FOB shipping point. Because the shipment had not arrived on December 31, 2021, it was excluded from the physical inventory.