Ching Inc Took a Physical Inventory at December 31,2010 and Determined

Multiple Choice

Ching Inc. took a physical inventory at December 31,2010 and determined that $¥ 4,270,000$ of goods were on hand. On December 29 , the company had ordered $¥ 1,010,000$ of goods which were in transit. The goods were shipped f.o.b. shipping point and arrived on January 2,2011. The company had also sold and shipped f.o.b. destination $¥ 950,000$ worth of inventory on December 28 . The goods arrived at the buyer's place of business on January 4, 2011. Ching's December 31, 2010 statement of financial position will report inventory of

A) $¥ 3,260,000$ .
B) $¥ 4,270,000$ .
C) $¥ 5,280,000$ .
D) $¥ 6,230,000$ .