Question 6 10 points Save Answer P Company owns 70% of s company. During 2016, P Company sold goods with a 30% gross profit to S Company. S Company sold all of these goods i 2016F TOT consolidated financial statements, how should the summation of P Company and s Company income statement items be adjusted? A. Sales and cost of goods sold should be reduced by 70% of the intercompany sales. B. Net income should be reduced by 70% of the gross profit on intercompany sales. O C. Sales and cost of goods sold should be reduced by the intercompany sales. . D. No adjustment is necessary