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. The following situations have been brought to your attention: a. 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\&M's inventory count and inventory listing. b. On December 29,2023, J M sold scarves (tem #5566 ) to a customer with a sale price of $730 and cost of $515, FOB shipping The order was shipped on December 30, 2023. J8M has not included this inventory. c. Red Blazers (tem \#6193) were purchased and shipped from international Co. on December 30, 2023, for \$3,330, FOB shipping. The shipment arrived Jaquary 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. J8M has not included this inventory. d. At year-end, J\&M is holding $5,508 of black pants (ttem $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 (ttem \#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. J8M has not included this inventory. Required: 1. In situations (a) to (e) determine whether inventory should be includod 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 at December 31, 2023. Starting with the unadjusted inventory value of $77,000, 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