If the pronoun it is vague, select all of the nouns or noun phrases it could refer to. If it is not vague, select its one clear antecedent.

I was planning to wrap the cable-knit sweater in purple paper and add a silver bow, but I don't know where I put it.

The pronoun "it" in this sentence is not vague. Its clear antecedent is "cable-knit sweater."