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By what amount should the inventory at december reduced

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Reference no: EM132784777

Question - Aparri Company included the following items in its inventory on December 31, 2005:

Merchandise out on consignment, at sales price, including 25% markup on cost P4,000,000

Goods purchased in transit, FOB destination 2,000,000

Goods held on consignment by Aparri Company 1,000,000

Required - By what amount should the inventory at December 31, 2005 be reduced?

Reference no: EM132784777

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