On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $79500. 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. a. # 1 2 b. C d e Jen & Mink Clothing Inventory Listing December 31, 2023 Inventory Number Inventory Description Quantity (units) Blue jackets Black pants 7649 10824 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 108 blue jackets, for $3,024 (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. nventory was incl b. On December 29, 2023, J&M sold scarves (Item # 5566) to a customer with a sale price of $780 and cost of $540, 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 $3,380, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $400. Additional costs were $260 for import duties and $76 for insurance during shipment. J&M has not included this inventory. d. At year-end, J&M is holding $7,268 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 $1,120 to a customer. The customer was charged $1,400 and the customer received the goods on January 3, 2024. J&M has not included this inventory. 108 316 Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If the inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a 0 wherever it is required.) Unit Cost ($) 28 23 Total Value ($) 3,024 7,268 Total Inventory $79,500 Inventory Cost

On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count and determined the year-end ending inventory value to be $79500. It is now January 8,2024 , and you have been asked to double-check the year-end irventory listing JaM uses a perpetual inventory system Note: Only relevant items are shown on the inventory listing. The following situations have been brought to your attention: 8. On January 3, 2024, J8M received a shipment of 108 blue jackets, for $3,024 (Item \#7649) The inventory was purchased December 23, 2023, FOE 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 (ltem $5566 ) to a customer with a sale price of $780 and cost of $540, FOB shipping The order was shipped on December 30,2023. J8M has not included this inventory. c. Red Blazers (item #6193 ) were purchased and shipped from International Co, on December 30,2023, for $3,380, FOB shipping The shipment arrived January 5,2024 , and the appropriate party paid for the shipping charges of 5400 Additional costs were $260 for import duties and $76 for insurance during shipment. J\&M has not included this inventory d. At year-end, J8M is holding $7,268 of black pants (item 210824 ) on consignment for designer Duke Co. This inventory was inciuded in J\&M's inventory count and inventory listing. e. On December 31,2023, J8M shipped white shirts (item $4291 ), FOB destination costing $1120 to a customer The customer was charged $1,400 and the customer recelved the goods on January 3,2024,JMM 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 ony empty spaces; input a 0 wherever it is fectuired.) 2. Determine the correct ending inventory value at December 31,2023.5 tarting with the unadjusted inventory value of $79,500, adid 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