River Products Corporation purchases all its inventory from its wholly owned subsidiary. Clayborn Corporation. In 20X2. Clayborn produced inventory at a cost of \(\$ 10.000\) and sold it to River Products for \(\$ 25,000\). The parent held all the items in inventory on January 1, 20X3. During 20X3, River Products sold all the units for \(\$ 55.000\).

\section*{Required}

Assuming the companies had no other transactions during either year. indicate the appropriate amounts to be reported in the consolidated financial statements for the following items:

a. Inventory on January 1. 20X3.

b. Cost of goods sold for \(20 \mathrm{X} 2\).

c. Cost of goods sold for \(20 \mathrm{X} 3\).

d. Sales for \(20 \times 2\).

e. Sales for \(20 \times 3\).