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Bright Ltd acquired all of the issued shares in Star Ltd a number of years ago. On 1 June 2019, Bright Ltd transferred inventory to

Bright Ltd acquired all of the issued shares in Star Ltd a number of years ago. On 1 June 2019, Bright Ltd transferred inventory to Star Ltd at a profit, where all of these inventories remained with Star Ltd at 1 July 2019, and were all on-sold to external parties as at 30 June 2020. In your own words, briefly explain the necessary adjustments required in preparing the consolidated financial statements for Bright Ltd's group for the year ended 30 June 2020

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