The following items were included in Venicio Corporation’s inventory account on December 31, 2019:
Merchandise out on consignment, at sales price, including 40% markup on selling price ...........$14,000
Goods purchased, in transit, shipped FOB shipping point .................................................................12,000
Goods held on consignment by Venicio .................................................................................................9,000
What amount should Venicio report as inventory at December 31, 2019?
a. $21,000
b. $20,400
c. $26,000
d. $35,000