KK Corporation owns 80 percent of LL Corporation’s common stock. During October, LL sold merchandise to KK for P100.000. At December 31, 50 percent of this merchandise remains in KK’s inventory. Gross profit percentages were 30 percent for KK and 40 percent for LL. The amount of unrealized intercompany profit in ending inventory at December 31 that should eliminated in the consolidation process is

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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KK Corporation owns 80 percent of LL Corporation’s common stock. During October, LL sold merchandise to KK for P100.000. At December 31, 50 percent of this merchandise remains in KK’s inventory. Gross profit percentages were 30 percent for KK and 40 percent for LL. The amount of unrealized intercompany profit in ending inventory at December 31 that should eliminated in the consolidation process is 

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