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The inventory account of Irick Company at December 31, 2020, included the following items: ...

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Accounting

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

Answer & Explanation Solved by verified expert
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