The following items were included in Opal Co.'s inventory account at December 31: Merchandise out on consignment, at sales price, including 40%
markup on selling price | $40,000 | Goods purchased, in transit, shipped F.O.B. shipping point | 36,000 | Goods held on consignment by Opal | 27,000 |
By what amount should Opal's inventory account at December 31 be reduced?
|
a. | $103,000 | |
b. | $51,000 | |
c. | $43,000 | |
d. | $67,000 |
|
