Assume that Icecap sold inventory to Polar. Intra-entity transfers were $100,000 with a cost of $55,000 in 2010 and $112,000 with a cost of $67,200 in 2011. Of this inventory, $29,000 of the 2010 transfers were retained and then sold by Polar in 2011 whereas $49,000 of the 2011 transfers were held until 2012.
Required:? For the consolidated financial statements for 2011, determine the balances that would appear for the following accounts: (1) Cost of Goods Sold, (2) Inventory, and (3) Noncontrolling Interest in Subsidiary's Net Income.