Business, 18.03.2021 01:50, Demarcusclincy

James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $205,000. At December 31, 60 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...