As a result of a thorough physical inventory, Hastings Company determined that i

Question

As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $270,000 at December 31, 2010. This count did not take into consideration the following facts: Carlin Consignment store currently has goods worth $52,000 on its sales floor that belong to Hastings but are being sold on consignment by Carlin. The selling price of these goods is $75,000. Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine the correct amount of inventory that Hastings should report.

$290,000.

$342,000.

$322,000.

$345,000.

$290,000.

$342,000.

$322,000.

$345,000.

Explanation / Answer

$290,000.

$290,000.

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