Question
1. A owns 30% of the stock of B. During the year, A sold inventory to B for $ 96,000. A charges a profit of
1. A owns 30% of the stock of B. During the year, A sold inventory to B for $ 96,000. A charges a profit of 20% on cost. What is A's total profit on the sale?
2. A owns 30% of the stock of B. During the year, A sold inventory to B for $ 96,000. A charges a profit of 20% on cost. At the end of the year, B had $ 24,000 of the inventory still on hand. What is the unrealized profit on this sale?
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Auditing Fundamentals In A South African Context
Authors: Gerrit Penning, Rika Butler, Pieter Von Wielligh, Frans Prinsloo
2nd Edition
0190749040, 978-0190749040
