On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count and determined the year-end ending inventory value to be $80000. 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. The following situations have been brought to your attention: a. On January 3, 2024, J\&M received a shipment of 109 blue jackets, for $3,161 (Item \#7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J\&M'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 $790 and cost of $545, 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 \$3,390, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $410. Additional costs were $265 for import duties and $78 for insurance during shipment. J\&M has not included this inventory. d. At year-end, J\&M is holding $7,632 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, 2023, J\&M shipped white shirts (Item \#4291), FOB destination costing $1,135 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. (Do not leave any empty spaces; input a 0 wherever it is required.) 6/25/23,2:59PM Assignment Print View 2. Determine the correct ending inventory value at December 31,2023 . Starting with the unadjusted inventory value of $80,000, 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