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:

Elite Democratic

A form of democracy that emphasizes the role of elected representatives or elites in making major decisions, rather than direct participation by the general populace.

Economic Policies

Government actions intended to influence the economy of a nation, including taxation, spending, and the control of money supply.

Subjective Analysis

An assessment based on personal feelings, tastes, or opinions rather than on external facts or evidence.

Elite Democrats

A term that refers to members of the Democratic Party in the United States who are considered to be part of the political, economic, or social elite.