Peanut Co$.$ regularly purchases inventory from Snack Inc. On March $31,2024,$ Peanut purchased $90$ percent of Snack Inc.$$s outstanding common stock. When consolidating at year$-$end $2024,$ how should Peanut treat the gross profit Snack made during the first quarter of $2024$ from sales to Peanut?

Group of answer choices

Peanut should eliminate $90$ percent of Snack$$s first quarter $20$X$4$ gross profit.

Peanut should eliminate $100$ percent of Snack$$s first quarter $20$X$4$ gross profit.

Peanut should not eliminate any of Snack$$s first quarter $20$X$4$ gross profit.

Peanut should eliminate $100$ percent of Snack$$s $20$X$4$ gross profit.