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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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13P: Errors As controller of Lerner Company, which uses a periodic inventory system, you discover the...
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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.
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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