Question: EXAMIch 4, 5,8 Help Save & Exit Sub James Corporation owns 80 percent of Carl Corporation's common stock. During October Carl sold merchandise to James

EXAMIch 4, 5,8 Help Save & Exit Sub James Corporation owns 80 percent of Carl Corporation's common stock. During October Carl sold merchandise to James for $117.500. At December 31, 40 percent of this merchandise remains in James's inventory Gross profit percentages were 30 percent for James and 40 percent for Cart. The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is Multiple Choice 3040. $14,100. $18,800. O $47000

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