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Bennett Inc. is a publicly held corporation whose diversified operations have been separated into five industry segments. Bennett is in the process of preparing its

Bennett Inc. is a publicly held corporation whose diversified operations have been separated into five industry segments. Bennett is in the process of preparing its annual financial statements for the year ended December 31, 20X5. The following information has been collected for the preparation of the segment reports required by FASB 131 (ASC 280).

BENNETT INC.

Selected Data

For the Year Ended December 31, 20X5

(in thousands)

Item

Power Tools

Fastening Systems

Household Products

Plumbing Products

Security Systems

Sales to Unaffiliated Customers

$32,000

$4,500

$4,800

$3,000

$2,000

Intersegment Sales

$10,000

$5,500

$200

$1,000

Total Revenue

$42,000

$10,000

$5,000

$4,000

$2,000

Cost of Goods Sold

$30,000

$8,000

$4,500

$3,100

$1,700

Operating Profit

$4,500

$1,000

($600)

$700

($100)

Net Income

$2,600

$800

($750)

($100)

($200)

Segment Assets

$50,000

$23,000

$17,000

$6,000

$4,000

Required

Determine which of the operating segments are reportable segments for Bennett. Your determination should include all required tests and the results of those tests for each of Bennetts five segments.

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