13. As a result of a thorough physical inventory, Hastings Company determined that it had inventory worth $270,000 at December 31, 2010. This count did not take into consideration the following facts: Carlin Consignment store currently has goods worth $52,000 on its sales floor that belong to Hastings but are being sold on consignment by Carlin. The selling price of these goods is $75,000. Hastings purchased $20,000 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. $290,000. b. $342,000. c. $322,000. d. $345,000. 14. Kershaw Bookstore had 500 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 375 @ $28 17 250 @ $20 25 250 @ $22 29 250 @ $32 Kershaw does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: a. $1,000. b. $6,750. c. $7,750. d. $8,000. 15. Colletti Company recorded the following data: Units Unit Date Received Sold On Hand Cost 1/1 Inventory 600 $2.00 1/8 Purchased 900 1,500 2.20 1/12 Sold 1,200 300 The weighted average unit cost of the inventory at January 31 is: a. $2.00. b. $2.10. c. $2.12. d. $2.20