Following are several figures reported for Allister and Barone as of December 31, 2018:
___________________________________________________ Allister __________ Barone
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 500,000 .......... $300,000
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 ............. 800,000
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . not given
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 .............. 400,000
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 ............... 300,000
Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $78,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill.
During 2018, Barone sells inventory costing $130,000 to Allister for $180,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.
Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018:
Inventory
Sales
Cost of Goods Sold
Operating Expenses
Net Income Attributable to Non-controlling Interest