How do unrealized intercompany inventory profits from a prior period affect the computation of consolidated net income when the inventory is resold in the current period?

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How do unrealized intercompany inventory profits from a prior period affect the computation of consolidated net income when the inventory is resold in the current period? Is it important to know if the sale was upstream or downstream from a financial and economic perspective to the parent? Why? What type of transactions would typically be addressed in this area?

Your document should have minimum 200 words. Please add credible references.

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