tice required Saved Help Sa On January 1, The Parts Store had a $370,000 inventory at cost. During the first quarter of the year, it purchased $1.510,000 of merchandise, returned $19,100, and paid freight charges on purchased merchandise totalling $33,600. During the past several years. the store's gross profit on sales has averaged 30%. Under the assumption the store had $1,920,000 of sales during the first quarter of the year, use the gross profit method to estimate its inventory at the end of the first quarter. On December 31, 2020. Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $84000. It is now January 832021, 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 # 1 2 Inventory Number 7649 10824 Jen & Mink Clothing Inventory Listing December 31, 2020 Inventory Description Quantity (units) Blue Jackets 117 Black pants 334 Unit Cost (5) 37 32 Total Value (5) 4,329 10,688 Total Inventory $84,080 The following situations have been brought to your attention a. On January 3, 2021, J&M received a shipment of 117 blue jackets, for $4,329 (Item #7649) The inventory was purchased December 23, 2020, FOB destination from Global Threads. This inventory was included in J&M's inventory count and inventory listing b. On December 29, 2020, J&M sold scarves (Item #5566) to a customer with a sale price of $870 and cost of $585, FOB shipping The order was shipped on December 30, 2020. J&M has not included this inventory. c. Red Blazers (Item #6193) were purchased and shipped from International Co on December 30, 2020, for $3.470, FOB shipping The shipment arrived January 5, 2021, and the appropriate party paid for the shipping charges of $490. Additional costs were $305 for import duties and $94 for insurance during shipment. J&M has not included this inventory d. At year-end, J&M is holding $10,688 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, 2020, J&M shipped white shirts (Item #4291). FOB destination costing $1,255 to a customer. The customer was charged $1.400 and the customer received the goods on January 3, 2021 J&M has not included this inventory