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During 2021 , Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the Inventory purchase price had been remitted
During 2021 , Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the Inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2021, 60% of these goods remained in the company's possession. What is the consolidated total for Inventory at December 31, 2021? Multiple Cholce $336,000. $280,000. $364,000. $347,200. $349,300. On January 1, 2021, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strong's stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired. As of December 31, 2021, before preparing the consolidated worksheet, the financial statements appeared as follows: During 2021, Pride bought Inventory for $112,000 and sold it to Strong for $140,000. Only half of the Inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2021, 60% of these goods remained in the company's possession. What is the consolidated total for Inventory at December 31, 2021
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