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Riptide Company included the following items in its inventory on December 31, 2020: ...

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Accounting

Riptide Company included the following items in its inventory on December 31, 2020:

Merchandise out on consignment, at sales price, including 25% markup on cost

P 4,000,000

Goods purchased in transit, FOB destination

2,000,000

Goods held on consignment by Riptide Company

1,000,000

By what amount should the inventory at December 31, 2020 be reduced? please include solution.

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