TS) Part 2: INTERCOMPANY TRANSACTIONS - INVENTORY Peters Company sold inventory to its wholly owned subsidiary, Silk Company. This inventory cost Peters $400,000. Peters marked up this inventory at 20% above its cost. Peters sold no other inventor to other customers. During the year, Silk sold 60% of this inventory to other customers for $360,000. Show all work on either the bottom of this page or the back of this page. Answer each of the following questions. a) What was Peters' gross profit for the year? b) What was Silk's gross profit for the year? c) On a consolidated basis, what amount of sales should be eliminated? d) On a consolidated basis, what amount of gross profit should be eliminated