The inventory account of Irick Company at December 31, 2010, included the following items: Inventory Amount Merchandise out on consignment at sales price (including markup of 40% on selling price) $15,000 Goods purchased, in transit (shipped f.o.b. shipping point) 12,000 Goods held on consignment by Irick 13,000 Goods out on approval (sales price $7,600, cost $6,400) 7,600 Based on the above information, the inventory account at December 31, 2010, should be reduced by