Pristine Corporation owns 80% of Serendipity Inc.’s common stock. During 2008, Pristine sold Serendipity $250,000 of inventory on the same terms as sales made to third parties. Serendipity sold all the inventory purchased from Pristine in 2008. The following data pertain to sales by each company for the year:
Pristine
Serendipity
Sales
$1,000,000
$700,000
Cost of goods sold
400,000
350,000
How much should be reported as cost of goods sold in the consolidated income statement for 2008?
A. $750,000
B. $680,000
C. $400,000
D. $500,000
Answers: 1
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Pristine Corporation owns 80% of Serendipity Inc.’s common stock. During 2008, Pristine sold Serendi...
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