River Products Corporation purchases all its inventory from its wholly owned subsidiary, Clayborn Corporation. In 20X2, Clayborn produced inventory at a cost of $10,000 and sold it to River Products for $25,000. The parent held all the items in inventory on January 1, 20X3. During 20X3, River Products sold all the units for $55,000.

Required 

Assuming the companies had no other transactions during either year, indicate the appropriate amounts to be reported in the consolidated financial statements for the following items:

a. Inventory on January 1, 20X3. 

b. Cost of goods sold for 20X2. 

c. Cost of goods sold for 20X3. 

d. Sales for 20X2.