1. The inventory account of Irick Company at December 31, 2020, included the following items:

Inventory Amount

Merchandise out on consignment at sales price

(including markup of 40% on selling price) $60,000

Goods purchased, in transit (shipped f.o.b. destination) 50,000

Goods held by Irick on consignment 62,000

Based on the above information, determine the increase or decrease to Irick's inventory account at December 31, 2020.