On December 31, 2020, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $85000. It is now January 8, 2021, and you been asked to double-check the year-end inventory listing. J&M uses a perpeptuap inventory system. Note: Only relevant items are shown on the inventory listing.

The following situations have been brought to your attention: a. On January 3.2021, J\&M recelved a shipment of 119 blue jackets, for $4,641 (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 (ltem #5566) to a customer with a sale price of $890 and cost of $595. 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 $3,490,F0. shipping. The shipment arrived January 5. 2021, and the appropriate party paid for the shipping charges of $510. Additional costs were $315 for import duties and $98 for insurance during shipment J\&M has not included this inventory. d. At year-end. J\&M is holding \$11.492 of black pants (item #10824) on consignment for designer Duke Co. This inventory was included in J\&M's inventory count and inventoty listing. e. On December 31, 2020. J\&M shipped white shlits (item #4291). FOB destination costing $1.285 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 Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31,2020 . 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 encing inventory value at December 31,2020. Starting with the unadjusted inventory vaitie of 585000 . add or subtract any errors based on your analysis in Part 1 . Assume all items that are not shown in the inventory wisting ane fecorded correctly