The following items were included in Diego Company’s inventory account on December 31, 2020: Merchandise out on consignment (at sales price, including 30% mark up on selling price) P80,000, Goods purchased still in transit, FOB Shipping Point 54,000, Goods held on consignment by Diego 23,000, Goods sent out for consignment by Diego 38,000. At what amount should Diego’s inventory account be reduced on December 31, 2020?

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