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QUESTION 2 Park Company had the following transactions with affiliated parties during 20X2: Sales of $60,000 to Dean Inc., with $20,000 gross profit. Dean had
QUESTION 2 Park Company had the following transactions with affiliated parties during 20X2: Sales of $60,000 to Dean Inc., with $20,000 gross profit. Dean had $15,000 of this inventory on hand at year-end. Park owns a 15 percent interest in Dean and does not exert significant influence. Purchases of inventory totaling $240,000 from Scent Corporation, a wholly owned subsidiary. Scent's gross profit on the sales was $48,000. Park had $60,000 of this inventory remaining on December 31, 20X2. Before consolidation entries, Park had consolidated current assets of $320,000 What amount should Park report in its December 31, 20X2, consolidated balance sheet for current assets? Only put your final numeric answer below (no $ signs)
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