On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count ond determined the year-end ending inventory value to be $85500. It is now Jonuary 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: a. On January 3,2024 , J\&M received a shipment of 120 blue jackets, for $4,800 (ltem \pm 7649 ). The inventory was purchased December 23, 2023, FOB destination from Globol Threads. This inventory wos included in J\&M's inventory count and inventory listing. b. On December 29, 2023, J8M sold scarves (Item #5566 ) to a customer with a sale price of $900 and cost of $600, FOB shipping. The order wos shipped on December 30, 2023. J\&M has not included this inventory. c. Red Blazers (Item \#6193) were purchased and shipped from Internationsl Co. on December 30, 2023, for $3,500, FOB shipping. The shipment arrived January 5,2024 , and the appropriate party paid for the shipping charges of $520. Additional costs were $320 for import duties and $100 for insurance during shipment. J\&M has not included this inventory. d. At year-end, J8M is holding $11,900 of black pants (Item $10824 ) on consignment for designer Duke Co. This inventory wos 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 $1,300 to a customer. The customer was charged $1,400 and the customer received the goods on Januery 3,2024 . J8M has not included this inventory. Requlred: 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.) 2 Determine the correct ending inventory value ot December 31,2023 . Starting with the unadjusted inventory value of $85,500, add or subtract any errors bosed on your analysis in Port 1. Assume all items that are not shown in the inventory listing are recorded correctly