Solution-Find what amount should be the inventory be reduced

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Rommel Company included the following in inventory at year-end:

Merchandise out on consignment, at sale price, including 40%
Markup on selling price 400,000

Goods purchased in transit shipped FOB shipping point 360,000

Goods held on consignment by Rommel Company 270,000

Problem 1: By what amount should be the inventory be reduced?

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