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What amount of intra-entity gross profit in inventory

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Question - P owns 80% of S's common stock. During October S sold merchandise to P for $250,000. At December 31 40% of this merchandise remains in P's inventor. Gross profit percentages were 20% for P and 30% for S. What amount of intra-entity gross profit in inventory at December 31 should be eliminated in the consolidation process?

Reference no: EM132867190

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