Perez, Inc. owns 80% of Senior. Inc. During 2012, Perez sold goods with a 40% gross prot to Senior. Senior sold all of these goods in 2012. For 2012 consolidated nancial statements. howr should the summation of Perez and Senior Income Statement items be adjusted? A. Sales and cost of goods sold should be reduced by the intercompany sales. B. Sales and cost of goods sold should be reduced by 80% of the intercompany sales. C. Net income should be reduced by 80% of the gross prot on intercompany sales. D. No adjustment is necessary