counting unique values (locations) based upon item name

[michael.reynolds1775]

I have a sheet with all of my current inventory and the locations of each. Some of my items are in more locations than I would like. How can I generate a "flag" for each line item that is in more than 5 locations?

sheet 1 (Assets) of the attachment is current inventory. Sheet 2 (Report) is where I want to list my individual line items and the total amount of locations the item is located. the yellow area is my desired results.

any help by way of a formula would be appreciated.

-Mike