On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77500. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. # 1 2 Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) 7649 10824 Blue jackets Black pants 184 308 Unit Cost ($) 24 19 Total Value ($) 2,496 5,852 Total Inventory $77,500 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 104 blue jackets, for $2,496 (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 $740 and cost of $520, 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 $3,340, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $360. Additional costs were $240 for import duties and $68 for insurance during shipment. J&M has not included this inventory. d. At year-end, J&M is holding $5,852 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 $1,060 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 O wherever it is required.)

On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count and determined the year-end ending inventory value to be $77500. 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. The following situations have been brought to your attention: 0. On January 3. 2024, J8M received a shipment of 104 blue jackets, for $2,496 (ttem #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.J8M sold scarves (1tem $5566 ) to a customer with a sale price of $740 and cost of $520. 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 \$3,340, FOB shipping. The shipment arrived January 5,2024 , and the appropriate party paid for the shipping charges of $360. Additional costs were $240 for import duties and $68 for insurance during shipment. J\&M has not included this inventory. d. At year-end, J\&M is holding $5.852 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, 18M shipped white shirts (item \#4291). FOB destination costing $1,060 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 spoces; input a 0 wherever it is requlred.)