Will the Lost-and-Found inventory reset in Bastion during NG+?

So I'm currently pissed off with the Mencer Observatory. It's too difficult to aim the Calamity Cannon especially on a Vita, at least for me. I wanted to upgrade all weapons to max, but I'm being frustrated with the Mencer Observatory that I might as well just finish the game. I've read that the last upgrade for Calamity Cannon will give it homing ability, so if I proceed to NG+ will the Lost-and-Found inventory reset, allowing me to buy Something Wrong to upgrade my weapon to max? I've also read that level weapons will carry over in NG+, that's why I'm asking this question.