Check my work Jubilee, Inc., owns 35 percent of JPW Company and applies the equity method. During the current year, Jubilee buys inventory costing $74,100 and then sells it to JPW for $114,000. At the end of the year, JPW still holds only $28,000 of merchandise What amount of gross profit must Jubilee defor in reporting this investment using the equity method? Multiple Choice $7030 59.430 $14,230 $3.430