On December 31, 2023. Jen \& Mink Clothing (1\&M) performed the itventory count and determined the year-end ending liventory value to be $78500. It is now January 8, 2024, and you have been asked to double-check the yeat-end inventoly bsting. ISM ises a Ine following situations have been brought to your attention: a. On January 3, 2024, \&M received a shipment of 106 blue jackets, for \$2.756 (llem \&7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in 18Ms inventory count and inveritory listing. b. On December 29,2023, J\&M sold scarves (ltem $5666 ) to a customer with a sale ptice of $760 and cost of $530, FOQ shippino The order was shipped on December 30,2023 , J8 M has not included this inventory. c. Red Blazers (them $6193 ) were purchased and shipped from international Co, on December 30,2027 , for $3,360, FOB shipping. The shipment arrived January 5, 2024, and the approptlate party paid for the shipping charges of $380. Additional costs were $250 for import duties and $72 for insurance during shipment. J\$M has not included this inventory. d. At year-end, J\&M is holding $6,552 of black pants (item A10824) on consignment for designer Duke Co. Itis irventory was included in J\&M's invertory count and irventory listing. e. On December 31, 2023, JEM shipped white shilts (litem #4291). FOB destination costing $1,090 to a customer. The customer was charged $1,400 and the customer received the goods on January 3,2024. 18M 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 2. Using your calculations from Part 1, complete the following schedule: (Rouni decimal places.) On December 31, 2023. Jen \& Mink Clothing (1\&M) performed the itventory count and determined the year-end ending liventory value to be $78500. It is now January 8, 2024, and you have been asked to double-check the yeat-end inventoly bsting. ISM ises a Ine following situations have been brought to your attention: a. On January 3, 2024, \&M received a shipment of 106 blue jackets, for \$2.756 (llem \&7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in 18Ms inventory count and inveritory listing. b. On December 29,2023, J\&M sold scarves (ltem $5666 ) to a customer with a sale ptice of $760 and cost of $530, FOQ shippino The order was shipped on December 30,2023 , J8 M has not included this inventory. c. Red Blazers (them $6193 ) were purchased and shipped from international Co, on December 30,2027 , for $3,360, FOB shipping. The shipment arrived January 5, 2024, and the approptlate party paid for the shipping charges of $380. Additional costs were $250 for import duties and $72 for insurance during shipment. J\$M has not included this inventory. d. At year-end, J\&M is holding $6,552 of black pants (item A10824) on consignment for designer Duke Co. Itis irventory was included in J\&M's invertory count and irventory listing. e. On December 31, 2023, JEM shipped white shilts (litem #4291). FOB destination costing $1,090 to a customer. The customer was charged $1,400 and the customer received the goods on January 3,2024. 18M 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 2. Using your calculations from Part 1, complete the following schedule: (Rouni decimal places.)