Question
During 2022, a parent 'sold' inventory priced at $23600 to its subsidiary. The parent's cost of these goods was $11300. During the year, the subsidiary
During 2022, a parent 'sold' inventory priced at $23600 to its subsidiary. The parent's cost of these goods was $11300. During the year, the subsidiary sold 70% of that inventory to outside customers for $39800.
What amount should be reported in the 2022 consolidated income statement for SALES?
During 2022, a parent 'sold' inventory priced at $23600 to its subsidiary. The parent's cost of these goods was $11300. During the year, the subsidiary sold 70% of that inventory to outside customers for $39800.
What amount should be reported in the 2022 consolidated income statement for SALES?
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
