Banks Co.
(Debits)

Lamm Co.
(Credits)

  Shipments to Banks

—

$ 150,000  

  Shipments from Lamm

$ 200,000  

—

  Intercompany Inventory Profit on Total Shipments

50,000  

Additional data relating to the December 31, 2018, inventory are as follows:

  Inventory acquired by Banks from outside parties

$ 175,000  

  Inventory acquired by Lamm from outside parties

250,000  

  Inventory acquired by Banks from Lamm

60,000  

At December 31, 2018, the inventory reported on the combined balance sheet of the two subsidiaries should be: