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Bentley acquired 60% of Prince on 1 March 2019. In September 2019 Bentley sold 48,000 worth of goods to Prince. Bentley applies a 20% mark-up
Bentley acquired 60% of Prince on 1 March 2019. In September 2019 Bentley sold 48,000 worth of goods to Prince. Bentley applies a 20% mark-up to all its sales. 25% of these goods were still held in inventory by Prince at the end of the year. An extract from the draft statements of profit or loss of Bentley and Prince at 31 December 2019 is: Bentley Prince Revenue 955,000 421,500 Cost of sales (407,300) (210,810) Gross profit 547,700 210,690 All revenue and costs arise evenly throughout the year. Complete the statements below: Revenue in the consolidated statement of profit or loss of Bentley will be Blank 1. Cost of sales in the consolidated statement of profit or loss of Bentley will be Blank 2. Gross profit in the consolidated statement of profit or loss of Bentley will be Blank 3
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