Business, 24.04.2020 23:20, susanspagoot6385
ABC Corporation owns 75 percent of XYZ Company's voting shares. During 20X8, ABC produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to XYZ for $90 each. XYZ sold 18,000 of the chairs to unaffiliated companies for $117 each prior to December 31, 20X8, and sold the remainder in early 20X9 to unaffiliated companies for $130 each. Both companies use perpetual inventory systems.
Based on the information given above, what amount of cost of goods sold did ABC record in 20X8?
a. $2,765,000
b. $1,620,000
c. $1,422,000
d. $2,963,000
Answers: 1
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ABC Corporation owns 75 percent of XYZ Company's voting shares. During 20X8, ABC produced 50,000 cha...
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