The inventory account of Irick Company at December 31, 2020, included the following items:
Amount
Good sold, in transit (shipped f.o.b. shipping point) $60,000
Goods purchased, in transit (shipped f.o.b. destination) 40,000
Based on the above information, the inventory account at December 31, 2020, should be reduced by
Group of answer choices
100000
60000
40000
0
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