Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Ruby Ltd acquired 100% of the shares of Tyson Ltd. During the financial year ended 30 June 2023, Ruby sold inventory to Tyson for $48399.
Ruby Ltd acquired 100% of the shares of Tyson Ltd. During the financial year ended 30 June 2023, Ruby sold inventory to Tyson for $48399. The inventory had cost Ruby Ltd $36323. By 30 June, 79% of the inventory had been sold outside the group. Assume a tax rate of 30%. The after-tax profit to be eliminated on consolidation on the sale of inventory would be?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started