On December 31, 2020, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $79000. It is now January 8, 2021, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. Jen & Mink Clothing Inventory Listing December 31, 2020 # Inventory Number Inventory Description Quantity (units) Unit Cost ($) Total Value ($) 1 2 7649 10824 Blue jackets Black pants 107 27 2,889 314 22 6,908 Total Inventory $79,000 The following situations have been brought to your attention: a. On January 3, 2021, J&M received a shipment of 107 blue jackets, for $2,889 (Item #7649). The inventory was purchased December 23, 2020, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing. b. On December 29, 2020, 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, 2020. J&M has not included this inventory. c. Red Blazers (Item #6193) were purchased and shipped from International Co. on December 30, 2020, for $3,370, FOB shipping. The shipment arrived January 5, 2021, 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. d. 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&M's inventory count and inventory listing. e. On December 31, 2020, 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, 2021. J&M has not included this inventory.