Q\#12) Artistic Studios counted its oil painting inventory on 12/31st and determined that $620,000 of oil paintings were on hand as of this date. Artistic's accounting system reported "oil painting inventory" on this same date in the amount of $680,000. During the physical inventory count, it was sadly discovered that an oil painting with an original cost to Artistic of $15,000 had been ruined by rodents and the painting was thrown away. Additionally, Artistic has two paintings offsite on consignment at a popular art gallery (the paintings have an original cost to Artistic of $15,000 each). What value will Artistic report on its balance sheet for oil painting inventory after considering the above information? A. $620,000 B. $635,000 C. $650,000 D. $665,000 E. $680,000