Problem 2 Portion Company holds 75% of Some Company stock Portion has sold inventory to Some Company as follows: Percent of Sold Sales Inventory Cost to Price to Held at Year Portion Some Year end 2017 $203,000 $355,000 20% 2018 $208,000 $312,000 45% 2019 $120,000 $150,000 30% 2020 $150,000 $250,000 40% The following balances were included in the individual financial statements of each company for the year ended 12/31/2020: Portion Some Sales $ 7,500,000 3,700,000 Cost of goods sold 3,470,000 2,300,000 ArgueAu! uplew $ 590,000 360,000 a. What will be reported as consolidated sales in the year 2020? b. What will be reported as consolidated inventory at 12/31/2020? c. What will be reported as consolidated cost of goods sold for 2020? d. Were the intra-entity sales of inventory items upstream or downstream