On December $31,2023,$ Jen & Mink Clothing $($J&M$)$ performed the inventory count and determined the year$-$end ending inventory value to be $$79000.$ It is now January $8,2024,$ and you have been asked to double$-$check the year$-$end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. Jen & Mink ClothingInventory ListingDecember $31,2023$#Inventory NumberInventory Description Quantity $($units$)$Unit Cost $($$$)$Total Value $($$$)17649$ Blue jackets $107272,889210824$ Black pants $314226,908......$ Total Inventory$$79,000$ The following situations have been brought to your attention: On January $3,2024,$ J&M received a shipment of $107$ blue jackets, for $$2,889($Item #$7649).$ The inventory was purchased December $23,2023,$ FOB destination from Global Threads. This inventory was included in J&Ms inventory count and inventory listing.On December $29,2023,$ J&M sold scarves $($Item #$5566)$ to a customer with a sale price of $$770$ and cost of $$535,$ FOB shipping. The order was shipped on December $30,2023.$ J&M has not included this inventory.Red Blazers $($Item #$6193)$ were purchased and shipped from International Co$.$ on December $30,2023,$ for $$3,370,$ FOB shipping. The shipment arrived January $5,2024,$ and the appropriate party paid for the shipping charges of $$390.$ Additional costs were $$255$ for import duties and $$74$ for insurance during shipment. J&M has not included this inventory.At year$-$end, J&M is holding $$6,908$ of black pants $($Item #$10824)$ on consignment for designer Duke Co$.$ This inventory was included in J&Ms inventory count and inventory listing.On December $31,2023,$ J&M shipped white shirts $($Item #$4291),$ FOB destination costing $$1,105$ to a customer. The customer was charged $$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$\mathrm{.}2.$ Determine the correct ending inventory value at December $31,2023.$ Starting with the unadjusted inventory value of $$79,000,$ 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.