Business, 30.10.2019 05:31, offensiveneedle

James corporation owns 80 percent of carl corporation's common stock. during october, carl sold merchandise to james for $240,000. at december 31, 40 percent of this merchandise remains in james's inventory. gross profit percentages were 30 percent for james and 40 percent for carl. the amount of intra-entity gross profit in inventory at december 31 that should be eliminated in the consolidation process is

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James corporation owns 80 percent of carl corporation's common stock. during october, carl sold merc...