Business, 14.03.2020 03:22, brutalgitaffe
A subsidiary sells merchandise to its parent at a markup of 25% on cost. In 2020, the parent paid $500,000 for merchandise received from the subsidiary. By year-end 2020, the parent has sold $400,000 of the merchandise to outside customers for $450,000, but still holds the other $100,000 in its ending inventory. Which statement is true concerning how this information should be reported on the 2020 consolidated financial statements?
Consolidated sales should be $450,000.
The consolidated ending inventory balance should be $100,000.
Consolidated cost of goods sold should be $400,000.
Consolidated cost of goods sold should be $720,000.
Answers: 2
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A subsidiary sells merchandise to its parent at a markup of 25% on cost. In 2020, the parent paid $5...
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