Business, 27.03.2020 18:14 heggestade
During the current year, a parent sold inventory priced at $800,000 to its subsidiary, and the parent’s profits on these sales amounted to $60,000. . Here is what the parent and subsidiary report for total sales, cost of goods sold, and ending inventory at year-end (for total sales between the parent and subsidiary and to outside customers):
Parent’s Books Subsidiary’s Books
Inventory $ 300,000 $ 150,000
Sales revenue 5,000,000 3,500,000
Cost of goods sold 4,000,000 2,700,000
At what amounts should the year’s consolidated financial statements report these three balances?
Inventory Sales, Revenue, Cost of Goods Sold
a. $450,000 $8,500,000 $6,700,000
b. $450,000 $7,700,000 $5,900,000
c. $390,000 $7,700,000 $5,900,000
d. $150,000 $3,500,000 $1,900,000
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