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X Inc. owns 80% of Y Inc. During 2020, X Inc. sold inventory to Y for $10,000. Half of this inventory remained in Y's warehouse at year end.
Y Inc. sold inventory to X Inc. for $5,000. 40% of this inventory remained in X's warehouse at year end.
Both companies are subject to a tax rate of 40%. The gross profit percentage on sales is 20% for both companies. Unless otherwise stated, assume X Inc. uses the cost method to account for its investment in Y Inc.
Question 1: What is the after-tax dollar value of X's realized profits during the year on its sales to Y?
Multiple Choice
Option 1: $1,000
Option 2: $400
Option 3: $2,000
Option 4: $600
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