on 3. The inventory account of Irick Company at December 31, 2017, included the following items: Inventory Amount Merchandise out on consignment at sales price (including markup of 40% selling price) $60,000 Goods purchased, in transit (shipped f.o.b. shipping point) 48,000 Goods held on consignment by Irick 62,000 Goods out on approval (sales price $30,400, cost $25,600) 30,400 Based on the above information, the inventory account at December 31, 2017, should be reduced by a. $90,800. b. $90,400. $138,800. d. $102,800. c