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What amount should the inventory at year-end be reduced

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Reference no: EM132601695

An entity included the following items in inventory at year-end:

  • Goods out on consignment at sale price, including 40% markup on cost 1,400,000
  • Goods purchased in transit, shipped FOB destination 1,200,000
  • Goods held on consignment by the entity 900,000

Question 1: At what amount should the inventory at year-end be reduced?

a. 1,460,000

b. 2,660,000

c. 1,300,000

d. 2,500,000

Reference no: EM132601695

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