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$\text{'}$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$\text{'}$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.

Required: $$

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. 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.