2.
On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count and determined the year-end ending inventory value to be $83000. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing J8M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. The following situations have been brought to your attention: 0. On January 3, 2024. J8M recelved a shipment of 115 blue jackets, for $4.025 (item *7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in JSM's inventory count and inventory listing. b. On December 29.2023. J8M sold scarves (ttem $5566 ) to a customer with a sale price of $850 and cost of $575, FOB shipping. The order was shipped on December 30.2023.18M has not included this inventory. c. Red Blazers (item \#6193) were purchased and shipped from International Co. on December 30,2023, for $3,450, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $470. Additional costs were $295 for import duties and $90 for insurance during shipment. J8M has not included this inventory. d. At yearend. J\&M is holding $9,900 of black pants (ttem \#10824) on consignment for designer Duke Co. This inventory was included in JeM's inventory count and inventory listing e. On December 31, 2023, J\&M shipped white shirts ittem \#4291). FOB destination costing $1,225 to a customer. The customer was charged $1,400 and the customer received the goods on January 3, 2024. J8M 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.) 2. Determine the correct ending inventory value at December 31,2023 . Starting with the unadjusted inventory value of $83,000, add or subtract any errors based on your analysis in Part 1. Assume all items that are not shown in the inventogy listing are recorded correctly