Smith Company acquired $70$ percent ownership of Alpha Company's voting shares on January $1,20$X$2$ with no differential. During $20$X$5,$ Smith purchased inventory for $$20,000$ and sold the full amount to Alpha Company for $$30,000.$ On December $31,20$X$5,$ Alpha's ending inventory included $$6,000$ of items purchased from Smith. In addition, in $20$X$5,$ Alpha purchased inventory for $$80,000$ and sold the units to Smith for $$100,000.$ Smith included $$25,000$ of its purchase from Alpha in ending inventory on December $31,20$X$5.$ For $20$X$5,$ Smith reported $$200,000$ income from its operations. Alpha reported $$140,000$ of net income. Assume Smith uses the fully adjusted equity method. The following selected account balances are from the individual financial records of these two companies as of December $31,20$X$5$:

Smith

Sales $$800,000$

Cost of goods sold $500,000$

Inventory $440,000$

Alpha

Sales $$500,000$

Cost of goods sold $300,000$

Inventory $320,000$

Answer the following questions: $($Do not add dollar sign; do not add comma to your amount; round the answer to the whole number$)$

$1.$ What amount of unrealized inventory profit exists in Alpha's inventory at the end of year $20$X$5?$

$2.$ What amount of unrealized inventory profit exists in Smith's inventory at the end of year $20$X$5?$

$3.$ What is the amount of Income from Alpha reported on Smith's book for year $20$X$5?$

$4.$ What amount of income will be assigned to the noncontrolling interest in the $20$X$5$ consolidated income statement?

$5.$ What amount of sales will be reported in the $20$X$5$ consolidated income statement?

$6.$ What amount of cost of goods sold will be reported in the $20$X$5$ consolidated income statement?

$7.$ What inventory balance will be reported by the consolidated entity on December $31,20$X$5?$