PROB 5-14(AICPA) Perez, Inc. owns 80% of Senior. Inc. During 2009, Perez sold goods with a 40% gross prot to Senior. Senior sold all of these goods in 2009. For 2009 consolidated financial statements, how should the summation of Perez and Senior income statement items be adjusted? Sales and cost of goods sold should he reduced by the intercompany sales Sales & cost of goods sold should be reduced by 80% of the intercompany sales. Net income should be reduced by 80% of the gross prot on intercompany sales. No adjustment is necessary. P'PP'F