As a Result of a Thorough Physical Inventory, Horace Company

question 106

Multiple Choice

As a result of a thorough physical inventory, Horace Company determined that it had inventory worth $320,000 at December 31, 2018. This count did not take into consideration the following facts: Herschel Consignment currently has goods worth $47,000 on its sales floor that belong to Horace but are being sold on consignment by Herschel. The selling price of these goods is $75,000. Horace purchased $22,000 of goods that were shipped on December 27, FOB destination, that will be received by Horace on January 3. Determine the correct amount of inventory that Horace should report.

• A) $320,000.
• B) $340,000.
• C) $367,000.
• D) $387,000.

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Definitions:

Formal Mentoring

A structured, typically organizational program where experienced professionals guide and support less experienced individuals in their career development.

Career Function

The role or purpose one's job or profession serves in their life, including income, satisfaction, and professional growth.

Mentoring Relationship

A professional relationship where a more experienced or more knowledgeable person helps to guide a less experienced or less knowledgeable person.

Subjective Career Outcomes

Outcomes of a professional career that are perceived and valued differently by individuals, often based on personal satisfaction, work-life balance, and individual goals.