Intra-entity inventory transactions The following selected account balances were from the individual financial records of these two companies as of December 31, 2021: Assume that Polar sold inventory to Icecap at a markup equal to 25% of cost. Intra-entity transfers were $130,000 in 2020 and $165,000 in 2021 . Of this inventory, $39,000 of the 2020 transfers were retained and then sold by Icecap in 2021, while $55,000 of the 2021 transfers were held until 2022. For the consolidated financial statements for 2021, determine the balances that would appear for: (i) Cost of Goods Sold; and (ii) Inventory