On December $31,2023,$ Jen & Mink Clothing $($J&M$)$ performed the inventory count and determined the year$-$end ending inventory value to be $$82000.$ It is now January $8,2024,$ and you have been asked to double$-$check the yearend inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing.

$\backslash$table$[[$#$,$Inventory Number$],[1,7649],[2,10824]]$

Jen & Mink Clothing Inventory Listing December $31,2023$

Inventory Description Quantity $($units$)$

Blue jackets $113$

Black pants $326$

Unit Cost $($$$)$

$3328$

$28$

Total Inventory $

Total Value $($$$)$

$3,729$

$9,128$

$82,000$

The following situations have been brought to your attention:

a$.$ On January $3,2024,$ J&M received a shipment of $113$ blue jackets, for $$3,729($Item #$7649).$ The inventory was purchased December $23,2023,$ FOB destination from Global Threads. This inventory was included in J&M$\text{'}$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 $$830$ and cost of $$565,$ 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 $$3,430,$ FOB shipping. The shipment arrived January $5,2024,$ and the appropriate party paid for the shipping charges of $$450.$ Additional costs were $$285$ for import duties and $$86$ for insurance during shipment. J&M has not included this inventory.

d$.$ At year$-$end, J&M is holding $$9,128$ of black pants $($Item #$10824)$ on consignment for designer Duke Co$.$ This inventory was included in J&M$\text{'}$s inventory count and inventory listing.

e$.$ On December $31,2023,$ J&M shipped white shirts $($Item #$4291),$ FOB destination costing $$1,195$ to a customer. The customer was charged $$1,400$ and the customer received the goods on January $3,2024.$ J&M has not included this inventory.

Required:

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.

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$\frac{1}{2}$

Assignment Print View

$\backslash$table$[[,,$Inventory Cost$],[$a$.,,],[$b$.,,],[$c$.,,],[$d$.,,],[$e$.,,]]$

Determine the correct ending inventory value at December $31,2023.$ Starting with the unadjusted inventory value of $$82,000,$ add or subtract any errors based on your analysis in Part $1.$ Assume all items that are not shown in the inventory listing are recorded correctly.

Merchandise Inventory