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Pie Bakery owns 6 0 percent of Slice Products Company's stock. During 2 0 X 8 , Slice produced 1 0 0 , 0 0
Pie Bakery owns percent of Slice Products Company's stock. During X Slice produced bags of flour, which it sold to Pie Bakery for $ On December Pie had bags of flour purchased from Slice Products on hand. Slice prices its sales at cost plus percent of cost for profit. Pie, which purchased all its flour from Slice in X had no inventory on hand on January Pie Bakery reported income from its baking operations of $ and Slice Products reported net income of $ for Required: a Compute the amount reported as cost of goods sold in the X consolidated income statement. Note: Do not round intermediate calculations. Consolidated cost of goods sold c Compute the amounts reported as consolidated net income and income assigned to the controlling interest in the X consolidated income statement. Note: Do not round intermediate calculations. b Prepare the worksheet consolidation entry or entries required to remove the effects of the intercompany sale in preparing consolidated statements at the end of X Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations. Consolidation Worksheet Entries A Record the consolidation entry for the intercorporate sale of inver Note: Enter debits before credits.
Pie Bakery owns percent of Slice Products Company's stock.
During X Slice produced bags of flour, which it sold to
Pie Bakery for $ On December Pie had
bags of flour purchased from Slice Products on hand. Slice prices its
sales at cost plus percent of cost for profit. Pie, which purchased
all its flour from Slice in X had no inventory on hand on January
Pie Bakery reported income from its baking operations of $
and Slice Products reported net income of $ for
Required:
a Compute the amount reported as cost of goods sold in the X
consolidated income statement.
Note: Do not round intermediate calculations.
Consolidated cost of goods sold
c Compute the amounts reported as consolidated net income and
income assigned to the controlling interest in the X
consolidated income statement.
Note: Do not round intermediate calculations.
b Prepare the worksheet consolidation entry or entries required to
remove the effects of the intercompany sale in preparing
consolidated statements at the end of X
Note: If no entry is required for a transactionevent select No
journal entry required" in the first account field. Do not round
intermediate calculations.
Consolidation
Worksheet Entries
A
Record the consolidation entry for the intercorporate sale of inver
Note: Enter debits before credits.
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