As a Result of a Thorough Physical Inventory, Hastings Company

question 75

Multiple Choice

As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $570,000 at December 31, 2014. This count did not take into consideration the following facts: Carlin Consignment store currently has goods worth $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.

• A) $610,000.
• B) $714,000.
• C) $674,000.
• D) $720,000.

---

Definitions:

Scurvy

A disease resulting from a deficiency of vitamin C, characterized by swollen gums, bruising, and weakening of collagen structures.

Nutritional Disorder

Health issues that arise from intake that is either insufficient or excessive in some nutrients.

Dense Regular Connective Tissue

A type of connective tissue with collagen fibers arranged in parallel patterns, providing strength and structure to tendons and ligaments.

Collagen And Elastin

Proteins in connective tissues that provide strength, flexibility, and elasticity to skin, tendons, and ligaments.