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Prince Corp. owned 80% of Kile Corp.'s common stock. During October 2006, Kile sold merchandise to Prince for $140,000. At December 31, 2006, 50% of this merchandise remained in Prince's inventory. For 2006, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile. The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
a) $28,000
b) $56,000
c) $22,400
d) $42,000
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Blacken Company manufactures motorcycles. The company's management accountant wans to calculate the fixed and variable costs associated with utility cost incurred by the factory. Data for the past five months were collected.
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