REQUIRED:

1) Make Jimmy's journal entry when they sell the merchandise to Andrew (Jimmy uses perpetual inventory)

2) Make Andrew's journal entry when it buys the merchandise from Jimmy, Andrew uses periodic inventory

3) Make any necessary worksheet entries needed in 2023 connected with the inventory

4) In 2023, Andrew reported (unconsolidated) inventory: $2,000,000 cost of goods sold $5,000,000 income $3,000,000 and Jimmy reported inventory $400,000 cost of goods sold $4,000,000 income $600,000 What is consolidated a) inventory b) cost of goods sold c) income?

5) Make any worksheet entries needed 2024

6) In 2024 Andrew reported (unconsolidated ) inventory $2,000,000 cost of goods sold $5,000,000 income $3,000,000 and Jimmy reported inventory $400,000 cost of goods sold $4,000,000 income $600,000. What is consolidated a) inventory, b) cost of goods sold c) income?

7) Make any worksheet entries needed 2025

8) In 2025 Andrew reported (unconsolidated) inventor $2,000,000 cost of goods sold $5,000,000 income $3,000,000 and Jimmy reported inventory $400,000 cost of goods sold $4,000,000 income $600,000. What is consolidated a) inventory, b) cost of goods sold c) income?

On January 1st 2000 Andrew Company purchased all of the stock of Jimmy Company at book value Andrew accounts for its purchase of Jimmy using the initial value (cost) method and Jimmy does not pay any dividends On July 1st 2023, Jimmy purchased $900,000 of inventory from Luke Company paying cash. Luke is independent of both Andrew and Jimmy. On October 1st 2023Jimmy Sold the inventory to Andrew for $1,200,000 cash. Jimmy uses the perpetual method for inventory At the end of 2023 Andrew had not sold any of the inventory acquired from Jimmy During 2024 Andrew sold 1/2 of the inventory acquired from Jimmy for $800,000 During 2025 Andrew sold the rest of the inventory acquired from Jimmy for $900,000