As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $620,000 at December 31, 2020. This count did not take into consideration the following facts: Carlin Consignment store currently has goods with a cost of $104,000 on its sales floor that belong to Hastings but are being sold on consignment by Carlin. The selling price of these goods is $150,000. Hastings purchased $40,000 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. Select one: a. $660,000. b. $734,000. C. $764,000. d. bu $770,000.
As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $620,000 at December 31, 2020. This count did not take into consideration the following facts: Carlin Consignment store currently has goods with a cost of $104,000 on its sales floor that belong to Hastings but are being sold on consignment by Carlin. The selling price of these goods is $150,000. Hastings purchased $40,000 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. Select one: a. $660,000. b. $734,000. C. $764,000. d. bu $770,000.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Question 3
As a result of a thorough physical inventory, Hastings Company determined that it had
inventory worth $620,000 at December 31, 2020. This count did not take into
Not yet
answered
consideration the following facts: Carlin Consignment store currently has goods with a
cost of $104,000 on its sales floor that belong to Hastings but are being sold on
Marked out of
1.00
consignment by Carlin. The selling price of these goods is $150,000. Hastings
purchased $40,000 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.
P Flag question
Select one:
a.
$660,000.
b.
$734,000.
C.
$764,000.
d.
Windows bu $770,000.
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