The inventory account of Sheridan Company at December 31, 2020, included the following items Inventory Amount Merchandise out on consignment at sales price (including markup of 30% on selling price) $53000 41000 Goods purchased, in transit (shipped f.o.b. shipping point) 55000 Goods held on consignment by Sheridan 23400 Goods out on approval (sales price $23400, cost $18600) Based on the above information, the inventory account at December 31, 2020, should be reduced by $116700 $96900 $75700. $76400