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Pn December 3L.2022, len & Mirk Clothing (J8M) performed the inventary count and determined the yearend ending inventory alue to be $77000. It is now

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Pn December 3L.2022, len \& Mirk Clothing (J8M) performed the inventary count and determined the yearend ending inventory alue to be $77000. It is now January 8.,2024, and you have been asked to double-chock the year-end liventory listing. JsM uses a perpetuol inventory system, Note: Only relevant items are shown on the inwentory listing. The following situations hive been brought to your atterition: a. On Jancary 3.202.4. J8M recetved a shipment of to3 blue jackets for $2,369 (ltem a 76494 . The inwentory was purchased December 23, 2023, FOet destination from Globat Threads. This inventory wis included in JRM's inventory count and inventory listing b. On December 29,2023, 3\&M sold scarves (item 45566) to a customer with a sale price of $730 and cost of $515. FOB shipping The order was shipped on December 30,2023,18M has not included this inventory: e. Red Biazers (qem 86193 ) were purchased and shipped from intemational Co. on December 30, 2023, for $3.330. FOS stipping. The shipenent artived January 5, 2024, and the appropiate party paid for the shipping charges of $350 Additional costs were $235 for inport duties and $66 for insurance during shipment. 18M has not included this inventory. d. At vearend, 18M is holding $5,508 of black pants (ltem $10824 ) on consignment for designer Duke Co. This inveniory was. included in JEM's itwentory count and inventory tsting. e. On December 31,2023, 1\&M shipped white shits fitem \&4291). FOB destination costing $1,045 to a customet. The customer wiss. charged $1400 and the customer recelved the goods on January 3,2024.18M has not included this liventory. Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at December 31, 2023. If the frventouy should be included, determine the correct inventory cost. (Do not leave any empty speces; input o O wherever it is Required: 4. In situations (a) to (e) dictermine whether inventory should be included or excluded in inventory at December 31, 2023. If the rwentory should be included, determine the coriect inventory cost. (Do not leove any empty spaces; input a o wherever it is required] 2. Detomine the conrect ending inwentory value at December 31, 2023. Stating with the unadjusted irventory value of $77,000, add or utitract any errors tased on your arialysis in Part 1 Assume all items that are not shown in the imventory llsting are recorded correctly

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