Exercise 6-1 (Static) Multiple-Choice Questions on Intercompany Inventory Transfers [AICPA Adapted] LO 6-3, 6-4\ Skip to question\ [The following information applies to the questions displayed below.]\ \ Select the correct answer for each of the following questions:\ \ Exercise 6-1 (Static) Part 1\ Perez Incorporated owns 80 percent of Senior Incorporated During 20X2, Perez sold goods with a 40 percent gross profit to Senior. Senior sold all of these goods in 20X2. For 20X2 consolidated financial statements, how should the summation of Perez and Senior income statement items be adjusted?\ \ multiple choice\ Sales and cost of goods sold should be reduced by 80 percent of the intercompany sales amount.\ Sales and cost of goods sold should be reduced by the intercompany sales amount.\ No adjustment is necessary.\ Net income should be reduced by 80 percent of the gross profit on intercompany sales amount.