Bonus Question \#1 Downtown Furniture Company owned 80% of Simpson Furniture Outlet's outstanding common stock. During October 20x1, Simpson Furniture sold merchandise to Downtown Furniture Company, for $140,000. At December 31 , 201,50% of this merchandise remained in Downtown Company's inventory. For 201, gross profit percentages were 30% of sales for Downtown Furniture and 40% of sales for Simpson Furniture. Required Determine the amount of intra-entity gross profit remaining in ending inventory at December 31,201 that should be eliminated in preparing the consolidated financial statements