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by what amount should opal rsquo s inventory account at december 31 2006 be reduced 603530

The following items were included in Opal Co.’s inventory account at December 31, 2006:

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Merchandise out on consignment, at sales price, including 40% markup on selling price

$40,000

Goods purchased, in transit, shipped FOB shipping point

36,000

Goods held on consignment by Opal

27,000

By what amount should Opal’s inventory account at December 31, 2006, be reduced?

  1. $103,000
  2. $ 67,000
  3. $ 51,000
  4. $ 43,000

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