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We have to Compute selected balances based on the following three different intra-entity asset transfer scenarios and i am having trouble figuring out how to

We have to Compute selected balances based on the following three different intra-entity asset transfer scenarios and i am having trouble figuring out how to find unrealized profit.

How do I find Unrealized Profit for COGS and Inventory?

On January 1, 2015, Panther Incorporated purchased 80% of the Staffer Company's outstanding voting stock for $840,000 in cash and other considerations. On that date, Panther assessed the net fair value of Staffer's identifiable liabilities and assets at $1,050,000. The 20% noncontrolling interest was assessed at a fair value of $210,000. Amortization of excess fair value over book value was not part of the acquisition. On December 31, 2016, each company's financial records included the account balances shown below in Table 1.

Panther Staffer

Sales $1,280,000 $720,000

Cost of goods sold $580,000 $394,000

Operating expenses $300,000 $210,000

Retained earnings, January 1, 2016 $1,480,000 $360,000

Inventory $692,000 $220,000

Buildings (net) $716,000 $314,000

Investment income Not provided $-

Assume Panther sells Staffer inventory at a markup that equals 40% of the cost. In 2015, intra-entity transfers were $180,000. In 2016, they were $220,000. Of the inventory, Staffer retained, then sold, $56,000 of the 2015 transfers in 2016 and held $84,000 of the 2016 transfers until 2017. Determine the account balances for the accounts shown below that will appear on 2016 consolidated financial statements:

Cost of goods sold.

Inventory.

Noncontrolling interest in Staffer's net income.

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