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James Corporation owns 80 percent of Carl Corporation's common stock. During October, Carl sold merchandise to James for $290,000. At December 31, 30 percent of this merchandise remains in James's inventory. Gross profit percentages were 20 percent for James and 30 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...
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