TOTAL CONSOLIDATED COGS FOR 2019
A) $727,000
[COGS OF TOP $625000
COGST OF BOTTOM CONSIDERED FOR CONSOLIDATION PURPOSE $102000
TOTAL = $727,000]
Top acquired a 70% interest in Bottom several years ago. During 2018, Top sold inventory costing...
Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $213,750 to Parkette for $285,000. A total of 12 percent of this inventory was not sold to outsiders until 2018. During 2018, Skybox sold inventory costing $276,000 to Parkette for $345,000. A total of 25 percent of this inventory was not sold to outsiders until 2019. In 2018, Parkette reported cost of goods sold of $517,500 while Skybox reported $317,500. What...
Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $82,000 to Parkette for $102,500. A total of 20 percent of this inventory was not sold to outsiders until 2018. During 2018, Skybox sold inventory costing $146,625 to Parkette for $172,500. A total of 32 percent of this inventory was not sold to outsiders until 2019. In 2018, Parkette reported cost of goods sold of $550,000 while Skybox reported $267,500. What...
1)Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2017, Skybox sold inventory costing $270,000 to Parkette for $337,500. A total of 13 percent of this inventory was not sold to outsiders until 2018. During 2018, Skybox sold inventory costing $259,250 to Parkette for $305,000. A total of 32 percent of this inventory was not sold to outsiders until 2019. In 2018, Parkette reported cost of goods sold of $560,000 while Skybox reported $337,500. What...
ngela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $118,500 to Angela for $158,000. Of this inventory, $42,000 worth was not sold to outsiders until 2018. During 2018, Corby sold inventory costing $108,550 to Angela for $167,000. A total of $54,600 of this inventory was not sold to outsiders until 2019. In 2018, Angela reported separate net income of $158,000 while Corby's net income was $128,500 after excess amortizations. What is the noncontrolling...
Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $118,300 to Angela for $182,000. Of this inventory, $56,200 worth was not sold to outsiders until 2018. During 2018, Corby sold inventory costing $123,200 to Angela for $224,000. A total of $55,000 of this inventory was not sold to outsiders until 2019. In 2018, Angela reported separate net income of $230,000 while Corby's net income was $98,000 after excess amortizations. What is the noncontrolling...
Angela, Inc. purchased 80% interest of Corby Company two years ago in an acquisition that resulted in excess amortization of $10,000. During 2018 Corby sold inventory costing $75,000 to Angela for $100,000. Of this inventory, $20,000 was not sold to outsiders until 2019. During 2019, Corby sold inventory costing $84,000 to Angela for $120,000. A total of $25,000 of this inventory was not sold to outsiders until 2020. In 2019, Angela reported separate net income of $150,000 while Corby’s net income was $50,000. What is the...
Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $126,750 to Angela for $169,000. Of this inventory, $44,200 worth was not sold to outsiders until 2018. During 2018, Corby sold inventory costing $117,000 to Angela for $180,000. A total of $51,000 of this inventory was not sold to outsiders until 2019. In 2018, Angela reported separate net income of $215,000 while Corby's net income was $106,500 after excess amortizations. What is the noncontrolling...
Angela, Inc. purchased 80% interest of Corby Company two years ago in an acquisition that resulted in excess amortization of $10,000. During 2018 Corby sold inventory costing $75,000 to Angela for $100,000. Of this inventory, $20,000 was not sold to outsiders until 2019. During 2019, Corby sold inventory costing $84,000 to Angela for $120,000. A total of $25,000 of this inventory was not sold to outsiders until 2020. In 2019, Angela reported separate net income of $150,000 while Corby's net...
Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $118,300 to Angela for $182,000. Of this inventory, $56,200 worth was not sold to outsiders until 2018. During 2018, Corby sold inventory costing $123,200 to Angela for $224,000. A total of $55,000 of this inventory was not sold to outsiders until 2019. In 2018, Angela reported separate net income of $230,000 while Corby's net income was $98,000 after excess amortizations. What is the noncontrolling...
P Company acquired 75 percent of S Company on January 1, 2018 at book value. During 2018, S purchased inventory for $40,000 and sold it to P for $60,000. Of this amount, P reported $12,000 in ending inventory in 2018 and later sold it in 2019. In 2019, P sold inventory it had purchased for $35,000 to S for $50,000. S sold $45,000 of this inventory in 2019. In 2019, P reported stand-alone income of $870,000 and S reported total...