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What the amount of unrealized intercompany profit

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Question - PP Corp. owned 80% of KK Corp.'s common stock. During October 20x9, KK sold merchandise to PP for P140,000. At December 31, 20x9, 50% of this merchandise remained in Prince's inventory. For 20x9, gross profit percentages were 30% of sales for PP and 40% of sales for KK. What the amount of unrealized intercompany profit in ending inventory at December 31, 20x9 that should be eliminated in the consolidation process?

Reference no: EM133158200

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