P1) Presented below are several figures reported for Plate Corporation and Saucer Industries as of December 31, 2014. The cost of the 70% investment was equal to 70% of the book value of Saucer's net assets. At the time of purchase, the fair values and book values of Saucer's assets and liabilities were equal.

Plate Saucer

Inventory $120,000 $60,000

Sales 200,000 140,000

Cost of Goods Sold 130,000 80,000

Expenses 40,000 30,000

In 2013, Saucer sold inventory to Plate which had cost $40,000 for $60,000. 25% of this inventory remained on hand at December 31, 2013, but was sold in 2014. In 2014, Saucer sold inventory to Plate which had cost $30,000 for $45,000. 40% of this inventory remained unsold at December 31, 2014. (30 pts.)

Required: Calculate following balances at December 31, 2014.

a. Consolidated Sales

b. Consolidated Cost of goods sold

c. Consolidated Expenses

d. Noncontrolling interest share of Saucer's net income

e. Consolidated Inventory