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Perfect Paint Co. (PPC) owns 30% of the equity share capital of Velux Varnish Inc (VVI). During the year, PPC sold $100,000 of inventory to
Perfect Paint Co. (PPC) owns 30% of the equity share capital of Velux Varnish Inc (VVI). During the year, PPC sold $100,000 of inventory to VVI. PPC sells all goods at a margin of 20%. At the year end, VVI still held exactly half of the inventory. What is the amount of the unrealised profit on inventory to be adjusted at the year end? Do not include symbols, commas, or letters in your respons
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