_____ In 2005, Pimco sold inventory costing $45,000 to its 100%-owned subsidiary, Simco, for $75,000. At 12/31/05, $15,000 of this inventory was reported in Simco's balance sheet. In 2006, Simco resold this inventory for $25,000. What is the unrealized intercompany profit at 12/31/05?
A) $6,000
B) $10,000
C) $16,000
D) $20,000
E) None of the above.
Correct Answer:
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