On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count and determined the year-end ending inventory value to be $80500. 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 110 blue jackets, for $3,300 (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 $800 and cost of $550, 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 $3,400, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $420. Additional costs were $270 for import duties and $80 for insurance during shipment. J\&M has not included this inventory. d. At year-end, J\&M is holding $8,000 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 $1,150 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. 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31,2023 . If the Required: inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a 0 wherever it is required.) 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.) 2. Determine the correct ending inventory value at December 31, 2023. Starting with the unadjusted inventory value of $80,500, 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