As a Result of a Thorough Physical Inventory, Hastings Company

question 118

Multiple Choice

As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $540,000 at December 31, 2011.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)$580,000.
• B)$684,000.
• C)$644,000.
• D)$690,000.

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Definitions:

Qualified Drivers

Individuals who have met specific standards and hold the necessary licenses to operate vehicles professionally.

Transportation Management System (TMS)

A subset of supply chain management concerning transportation operations, using technology to optimize, plan, and execute the physical movement of goods.

Routing And Scheduling

The process of determining the most efficient routes and schedules for transportation of goods to optimize delivery times and reduce costs.

Load Tendering

The process by which a shipper offers a shipment to a carrier, typically using electronic methods, to transport goods from one place to another.