$21$ pointWith reference to the information in question #$1,$ assume that in $2023$ P sales to S totaled$$550,000($at selling price$),$ and $$80,000$ remained in S$\text{'}$ warehouse on $12/31/23.$ The $2023$elimination entry would include adebit to inventory for $$16,000.$debit to inventory for $$550,000$debit to retained earnings for $$12,000.$debit to CGS for $$106,000.$