Question
A parent sold some inventory to its subsidiary for $55 000. The goods had originally cost the parent $40000. At the end of the year
A parent sold some inventory to its subsidiary for $55 000. The goods had originally cost the parent $40000. At the end of the year all of the inventory was still on hand. The consolidation adjustment entry to eliminate this transaction will include the following line items?
| I. | Cr | Cost of sales | $15 000 |
| II. | Cr | Cost of sales | $40 000 |
| III. | Cr | Cost of sales | $95 000 |
| IV. | Cr | Cost of sales | $55 000 |
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Operational Risk Management
Authors: Mark D Abkowitz
1st Edition
0470256982, 9780470256985
