What amount should dambie inventory account be reduced

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Reference no: EM132945412

The following items were included in Dambie Corporation's inventory account on December 31, 2020:

Merchandise out on consignment (at sales price, including 30% mark up on selling price) $80,000,

Goods purchased still in transit, FOB Shipping Point $54,000,

Goods held on consignment by Dambie $23,000,

Goods sent out for consignment by Dambie $38,000.

Problem 1: At what amount should Dambie's inventory account be reduced on December 31, 2020?

Reference no: EM132945412

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