In each part, assume that in Year 1 Sub sells 100 items that cost it $5 each. Assume Parent owns 100% of Sub. a. If Sub sells the 100 items to some unrelated company for $7 each, what entry would the Sub make to record this sale? b. If Sub sells the 100 items to the Parent on June 1, Year 1 for $5.50 each, what entry would the Sub make to record this sale? c. Using the same facts as part C, what entry would the Parent make to record the purchase? (Assume it uses a perpetual inventory method, so it uses the inventory account, not the purchases account). d. Assume that on July 31, Parent sells the 100 items to a third party customer for $7 each. What entry would the parent make? e. Look at your answers from parts b through d. Are the total of the sales and cost goods sold entries made by the parent and the sub the same as you found in part a? Is the total of the sub and the parent's gross profit the same as you found in part a? f. GAAP does not allow companies to record sales (or cost of goods sold) twice on the same items. What elimination entry would be needed to get the same consolidated sales and COGS that you got in part A