2 nt 3 nces On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end value to be $85000. It is now January 8, 2024, and you have been asked to double-check the year-end invento perpetual inventory system. Note: Only relevant items are shown on the inventory listing. # 1 2 ... Jen & Mink Clothing Inventory Listing December 31, 2023 7649 10824 Inventory Number Inventory Description Quantity (units) Unit Cost ($) 39 34 Saved Blue jackets Black pants 119 338 Total Value ($) 4,641 11,492 Total Inventory $85,000 The following situations have been brought to your attention: a. On January 3, 2024, J&M received a shipment of 119 blue jackets, for $4,641 (Item #7649). The inventory was 23, 2023, FOB destination from Global Threads. This inventory was included in J&M's inventory count and in b. On December 29, 2023, J&M sold scarves (Item #5566) to a customer with a sale price of $890 and cost of 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 The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $510. Adc for import duties and $98 for insurance during shipment. J&M has not included this inventory. d. At year-end, J&M is holding $11,492 of black pants (Item # 10824) on consignment for designer Duke Co. Thi 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 $1,285 to a custom charged $1,400 and the customer received the goods on January 3, 2024. J&M has not included this invent Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at Decembe inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a required.)
On December 31, 2023, Jen \& Mink Clothing (J\&M) performed the inventory count and determined the year-en value to be $85000. It is now January 8,2024 , and you have been asked to double-check the year-end inventc 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 119 blue jackets, for $4,641 (Item \#7649). The inventory wa 23,2023,FOB destination from Global Threads. This inventory was included in J\&M's inventory count and b. On December 29, 2023, J\&M sold scarves (Item \#5566) to a customer with a sale price of $890 and cost o 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 $ The shipment arrived January 5,2024 , and the appropriate party paid for the shipping charges of $510. Ad for import duties and $98 for insurance during shipment. J\&M has not included this inventory. d. At year-end, J\&M is holding $11,492 of black pants (Item \#10824) on consignment for designer Duke Co. Th 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 $1,285 to a custom charged $1,400 and the customer received the goods on January 3,2024 . J\&M has not included this inver Required: 1. In situations (a) to (e) determine whether inventory should be included or excluded in inventory at Decembe inventory should be included, determine the correct inventory cost. (Do not leave any empty spaces; input a required.)
