Crest Corp. recorded the following transactions with its investees during 2008. 1. It sold inventory to Drape
Question:
Crest Corp. recorded the following transactions with its investees during 2008.
1. It sold inventory to Drape Inc. for \($75,000.\) The inventory had originally cost Crest \($65,000.\) Drape had one-fourth of this inventory on hand at year-end. Crest owns 15% of Drape's common stock and does not exert significant influence over Drape's operations.
2. It purchased \($200,000\) of inventory from Stream Corp., a wholly owned subsidiary. Stream's gross profit on the sale was \($40,000.\) Crest had \($20,000\) of this inventory remain- ing on December 31, 2008.
Required:
What amount of inventory will be eliminated when preparing Crest’s December 31, 2008 consolidated balance sheet?
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