24 4 Points Sami Corporation acquired a 60% interest in Rami Corporation on January 1, 2014, at a cost equal to 60% of the book value of Rami's net assets. At the time of the acquisition, the book values of Rami's assets and liabilities were equal to the fair values. Rami reports net income of $880,000 for 2014. Sami regularly sells merchandise to Rami at 120% of Sami's cost. The intercompany sales information for 2014 is as follows: Intercompany sales at selling price......... Sales value of merchandise unsold by Rami... ..$672,000 .$132,000 Required: 1. Determine the unrealized profit in Rami's inventory at December 31, 2014 (show your calculation). 2 Compute Sami's income from Rami for 2014 (show your calculation)