The following items were included in a corporation's inventory account at December 31,2013: $\begin{array} { l }
\text {Including 40 percent mark-up on selling price }&\$14,000\
\text { Goods purchased, in transit, shipped fo.b. shipping point }&12,000\
\text { Goods held on consignment by the corporation}&9,000\
\end{array}$
Merchandise out on consignment,at sale price, The corporation's inventory account at December 31,2013 should be reduced by:
A)$14,600
B)$17,400
C)$23,000
D)$35,000

Question

The following items were included in a corporation's inventory account at December 31,2013: $\begin{array} { l  } 
 \text {Including 40 percent mark-up on selling price }&\$14,000\
\text { Goods purchased, in transit, shipped fo.b. shipping point  }&12,000\
\text { Goods held on consignment by the corporation}&9,000\
\end{array}$
 Merchandise out on consignment,at sale price, The corporation's inventory account at December 31,2013 should be reduced by:
A)$14,600
B)$17,400
C)$23,000
D)$35,000

Quizplus · Accepted Answer

The Answer of The following items were included in a corporation's inventory account at December 31,2013: $\begin{array} { l  } 
 \text {Including 40 percent mark-up on selling price }&\$14,000\
\text { Goods purchased, in transit, shipped fo.b. shipping point  }&12,000\
\text { Goods held on consignment by the corporation}&9,000\
\end{array}$
 Merchandise out on consignment,at sale price, The corporation's inventory account at December 31,2013 should be reduced by:
A)$14,600
B)$17,400
C)$23,000
D)$35,000

The Following Items Were Included in a Corporation's Inventory Account