Beck Company has inventory of $754,000 in its stores as of December 31. It also has two shipments intransit that left the suppliers' warehouses by December 28. Both shipments are expected to arrive on January 5. The first shipment of $245,000 was sold f.o.b. destination and the second shipment of $105,000 was sold f.o.b. shipping point. Beck Company also has consigned goods of $78,000 awaiting sale with Meyer Company. What amount of inventory should Beck Company report on its balance sheet as of December 31?

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Part 1

A.

$1,104,000

B.

$754,000

C.

$1,182,000

D.

$937,000