The following items were included in Valentino Corporation's inventory account on December 31, 2016: Merchandise out on consignment, at sales price, including 40% markup on selling price $14,000 Goods purchased, middot in transit, shipped FOB shipping point 12,000 Goods held on consignment by Valentino 9,000 What amount should Valentino report as inventory at December 31, 2016? $21,000 $26,000 $35,000