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Business, 22.07.2021 18:20 seema12

King Corp. owns 80% of Lee Corp's common stock. During October, Lee sold merchandise to King for $100,000. At December 31, one-half of the merchandise remained in King's inventory. For the year, gross profit percentages were 30% for King and 40% for Lee. The amount of unrealized intercompany profit ending inventory at December 31 that should be eliminated in consolidation is:

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King Corp. owns 80% of Lee Corp's common stock. During October, Lee sold merchandise to King for $10...
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