On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77000. It is now January 8, 2024, and you have been asked to double-check the year-end inventory listing. J&M uses a perpetual inventory system. Note: Only relevant items are shown on the inventory listing. Jen & Mink Clothing Inventory Listing December 31, 2023 # Inventory Number Inventory Description Quantity (units) Unit Cost ($) Total Value ($) 1 7649 Blue jackets 103 23 2,369 2 10824 Black pants 306 18 5,508 ... ... Total Inventory $ 77,000 The following situations have been brought to your attention: On January 3, 2024, J&M received a shipment of 103 blue jackets, for $2,369 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&Ms inventory count and inventory listing. On December 29, 2023, J&M sold scarves (Item #5566) to a customer with a sale price of $730 and cost of $515, FOB shipping. The order was shipped on December 30, 2023. J&M has not included this inventory. Red Blazers (Item #6193) were purchased and shipped from International Co. on December 30, 2023, for $3,330, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $350. Additional costs were $235 for import duties and $66 for insurance during shipment. J&M has not included this inventory. At year-end, J&M is holding $5,508 of black pants (Item #10824) on consignment for designer Duke Co. This inventory was included in J&Ms inventory count and inventory listing. On December 31, 2023, J&M shipped white shirts (Item #4291), FOB destination costing $1,045 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.)