As a Result of a Thorough Physical Inventory, Hastings Company

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.