The inventory account of Irick Company at December 31, 2010, included the following items: is-lis 1407) -9000 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 7,600 Goods out on approval (sales price $7,600, cost $6,400) Based on the above information, the inventory account at December 31, 2010, should be reduced by 15,000-9000 - 1 000 a. $20,200. b. $22,600. c. $32,200. d. $32,000