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What inventory account at december should be reduced by

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An analysis of the ending inventory account of Careful Company on December 31, 2020 disclosed the inclusion of the following items:

Merchandise in transit purchased on terms:

FOB shipping point231,000 FOB destination 140,000

Merchandise sent to customer for approval (cost of goods, P90,000) 120,000

Merchandise out on consignment at sales price (including markup of 40% on cost) 294,000

Merchandise held on consignment at sales price (including markup of 30% on cost) 195,000

Problem 1: The inventory account at December 31, 2020 should be reduced by?

Reference no: EM132782829

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