Finesse Jewellers Ltd performed a physical stocktake on 31 December 2024 and identified stock on hand at that date valued at \($82,800\). The accountant performed an audit and identified the following, Ignore GST:

1. It was identified \($9600\) of inventory, currently held on consignment with a consignee, was not included in the physical stocktake performed on 31 December 2024.

2. Finesse Jewellers Ltd also has inventory on consignment from one of its suppliers, Sparkles & Design Ltd. \($9150\) of consigned inventory was included in the physical stocktake.

3. Finesse Jewellers Ltd received \($8250\) purchased goods on 30 December 2024, these items were included in the physical stocktake, however the supplier did not send the invoice with the packaged goods. The invoice was sent separately and was not recorded in the accounting information system until 2 January.

4. Finesse Jewellers Ltd had received a \($3000\) tax invoice from a supplier. The goods were shipped DDP on 28 December, but had not arrived in time to be included in the physical stocktake.

5. Finesse Jewellers Ltd had received a \($6750\) invoice from a supplier. This inventory purchase was for goods shipped EXW on 28 December 2024. These goods were still in transit from Victoria by the 31 December 2024.

6. Finesse Jewellers Ltd sold goods costing \($1200\) for \($1800\). The goods were invoiced and shipped interstate to the buyer via DDP on 28 December 2024. The buyer received the goods on 4 January 2025. The inventory was not included in the physical stocktake for Finesse Jewellers Ltd because the inventory was not physically on hand when the stocktake was performed.

Required

(a) For each of the above points, determine the effects on Finesse Jewellers Ltd’s inventory account at 31 December 2024 using the periodic inventory method.

(b) Calculate the correct value for the ending inventory.