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During 2023, intercompany sales of inventory took place between P Company and its wholly-owned subsidiary, S Company. The intercompany sales were made at the same
During 2023, intercompany sales of inventory took place between P Company and its wholly-owned subsidiary, S Company. The intercompany sales were made at the same mark-up as that which is applied to sales to outside (i.e., "thirdparty") customers. As a result of these intercompany transactions, a consolidation worksheet entry will, of course, be necessary at December 31,2023 . Which of the following could NOT be a component of this worksheet entry? A. Debit to Intercompany Sales B. Debit to Intercompany COGS C. Credit to (third party) Cost of Goods Sold D. Credit to Inventory
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