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Big Company holds 80% of the common stock of Little, Inc. Total sales and cost of goods sold for both companies are as follows: Big:
Big Company holds 80% of the common stock of Little, Inc. Total sales and cost of goods sold for both companies are as follows: Big: Sales $ 800,000, Cost of Goods Sold $ 200,000 Little: Sales $ 50,000, Cost of Goods Sold $ 36,000 During the year, Big sold merchandise to Little for $80,000, with a cost of $ 60,000. At the end of the year, Little still possesses 30 percent of this inventory. Consolidated Sales are:. a. $770,000. b. $800,000. c. $850,000. d. Some other amount
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