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Time Remaining 2 hours 58 minutes 20 seconds

02:58:20

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Item 1

Time Remaining 2 hours 58 minutes 20 seconds

02:58:20

On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77000. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing.

Jen & Mink Clothing
Inventory Listing
December 31, 2023
#	Inventory Number			Inventory Description		Quantity (units)	Unit Cost ($)	Total Value ($)
1		7649		Blue jackets		103	23			2,369
2		10824		Black pants		306	18			5,508
...										...
							Total Inventory		$	77,000

The following situations have been brought to your attention:

1. On January 3, 2024, J&M received a shipment of 103 blue jackets, for $2,369 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&Ms inventory count and inventory listing.
2. On December 29, 2023, J&M sold scarves (Item #5566) to a customer with a sale price of $730 and cost of $515, FOB shipping. The order was shipped on December 30, 2023. J&M has not included this inventory.
3. Red Blazers (Item #6193) were purchased and shipped from International Co. on December 30, 2023, for $3,330, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $350. Additional costs were $235 for import duties and $66 for insurance during shipment. J&M has not included this inventory.
4. At year-end, J&M is holding $5,508 of black pants (Item #10824) on consignment for designer Duke Co. This inventory was included in J&Ms inventory count and inventory listing.
5. On December 31, 2023, J&M shipped white shirts (Item #4291), FOB destination costing $1,045 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