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On December $31,2023,$ Jen & Mink Clothing $($J&M$)$ performed the inventory count and determined the year$-$end ending

inventory value to be $$82500.$ 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 $114$ blue jackets, for $$3,876($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 $$840$ and cost of $$570,$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 $$3,440,$ FOB

shipping. The shipment arrived January $5,2024,$ and the appropriate party paid for the shipping charges of $$460.$

Additional costs were $$290$ for import duties and $$88$ for insurance during shipment. J&M has not included this

inventory. d$.$ At year$-$end, J&M is holding $$9,512$ 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 $$1,210$ 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:

$1.$ In situations $($a$)$ to $($e$)$ dete Determine the correct ending inventory value at December $31,2023.$

$2.$ Starting with the unadjusted inventory value of

$$82,500,$ 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.rmine whether inventory should be included or excluded in inventory at December $31,2023.$ If

the inventory should be included, determine the correct inventory cost.

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