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What is the amount of after-tax inventory profit

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Question - C bought 80% of the shares of LL in 2018. Until the 2019 fiscal year, there were no intercompany transactions. During 2019, LL sold $5,000 of widgets to CC, of which $1,500 of widgets remained in CC's ending inventory. LL earned a gross profit of 40% on the widgets. Both companies are taxed at 30%. What is the amount of after-tax inventory profit that must be held back from consolidated net income in 2019?

Reference no: EM132768667

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