On December 31, 2023, Jen & Mink Clothing (J&M) performed the inventory count and determined the year-end ending inventory value to be $77000. 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.

Jen & Mink Clothing
Inventory Listing
December 31, 2023
#	Inventory Number			Inventory Description		Quantity (units)	Unit Cost ($)	Total Value ($)
1		7649		Blue jackets		103	23			2,369
2		10824		Black pants		306	18			5,508
...										...
							Total Inventory		$	77,000

The following situations have been brought to your attention:

1. On January 3, 2024, J&M received a shipment of 103 blue jackets, for $2,369 (Item #7649). The inventory was purchased December 23, 2023, FOB destination from Global Threads. This inventory was included in J&Ms inventory count and inventory listing.
2. On December 29, 2023, J&M sold scarves (Item #5566) to a customer with a sale price of $730 and cost of $515, FOB shipping. The order was shipped on December 30, 2023. J&M has not included this inventory.
3. Red Blazers (Item #6193) were purchased and shipped from International Co. on December 30, 2023, for $3,330, FOB shipping. The shipment arrived January 5, 2024, and the appropriate party paid for the shipping charges of $350. Additional costs were $235 for import duties and $66 for insurance during shipment. J&M has not included this inventory.
4. At year-end, J&M is holding $5,508 of black pants (Item #10824) on consignment for designer Duke Co. This inventory was included in J&Ms inventory count and inventory listing.
5. On December 31, 2023, J&M shipped white shirts (Item #4291), FOB destination costing $1,045 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) 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. (Do not leave any empty spaces; input a 0 wherever it is required.)

2. Determine the correct ending inventory value at December 31, 2023. Starting with the unadjusted inventory value of $77,000, 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.