# 1 2 Inventory Number 7649 10824 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Description Quantity (units) Blue jackets Black pants 119 338 Unit Cost ($) 39 34 Total Value ($) 4,641 11,492 Total Inventory $85,000 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 119 blue jackets, for $4,641 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $890 and cost of $595, FOB shipping. The order was shipped on December 30, 2023. J&M has not included this inventory. c. Red Blazers (Item # 6193) were purchased and shipped from International Co. on December 30, 2023, for $3,490, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $510. Additional costs were $315 for import duties and $98 for insurance during shipment. J&M has not included this inventory. d. At year-end, J&M is holding $11,492 of black pants (Item # 10824) on consignment for designer Duke Co. This inventory was included in J&M's inventory count and inventory listing. e. On December 31, 2023, J&M shipped white shirts (Item #4291), FOB destination costing $1,285 to a customer. The customer was charged $1,400 and the customer received the goods on January 3, 2024. J&M has not included this inventory. Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If the inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a 0 wherever it is required.)

The following situations have been brought to your attention: a. On January 3, 2024, J8M received a shipment of 119 blue jackets, for $4,641 (item 77649 ). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J\&Ms inventory count and inventory listing. b. On December 29,2023 , J\&M sold scarves (item #5566 ) to a customer with a sale price of $890 and cost of $595, FOB shipping The order was shipped on December 30, 2023. J\&M hos not included this inventory. c. Red Blozers (Item $6193 ) were purchased and shipped from Intemotional Co. on December 30,2023 , for $3,490, FOB shipping The shipment arrived January 5,2024 , and the appropriate party paid for the shipping charges of $510. Additional costs were $315 for import dutles and $98 for insurance during shipment J\$M has not included this inventory. d. At year-end, J8M is holding $11,492 of black pants (item $10824 ) on consignment for designer Duke Co. This inventory wos included in JBM's inventory count and inventory listing. e. On December 31, 2023, JSM shipped white shirts (item 24291 ). FOB destination costing \$1,285 to o customer. The customer wos charged \$1,400 and the customer received the poods on January 3,2024.J\&M has not included this inventory. Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If the inventory should be included, determine the correct inventory cost (Do not leave any empty spaces; input a 0 wherever it is required.)