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Category > Accounting Posted 18 May 2017 My Price 3.00

James Corporation owns 80 percent of Carl Corporation’s common stock

James Corporation owns 80 percent of Carl Corporation’s common stock. During October, Carl sold merchandise to James for $250,000. At December 31, 40 percent of this merchandise remains in James’s inventory. Gross profit percentages were 20 percent for James and 30  percent for Carl. The amount of unrealized intra-entity profit in ending inventory at December 31 that should be eliminated in the consolidation process is

a. $24,000 .

b. $30,000 .

c. $20,000 .

d. $75,000

Answers

Alpha Geek
(8)
Status NEW Posted 18 May 2017 08:05 AM My Price 3.00

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file 1495097637-Answer.docx preview (107 words )
J-----------ame-----------s C-----------orp-----------ora-----------tio-----------n o-----------wns----------- 80----------- pe-----------rce-----------nt -----------of -----------Car-----------l C-----------orp-----------ora-----------tio-----------nâ€-----------™s -----------com-----------mon----------- st-----------ock-----------. D-----------uri-----------ng -----------Oct-----------obe-----------r, -----------Car-----------l s-----------old----------- me-----------rch-----------and-----------ise----------- to----------- Ja-----------mes----------- fo-----------r $-----------250-----------,00-----------0. -----------At -----------Dec-----------emb-----------er -----------31,----------- 40----------- pe-----------rce-----------nt -----------of -----------thi-----------s m-----------erc-----------han-----------dis-----------e r-----------ema-----------ins----------- in----------- Ja-----------mes-----------’-----------s i-----------nve-----------nto-----------ry.----------- Gr-----------oss----------- pr-----------ofi-----------t p-----------erc-----------ent-----------age-----------s w-----------ere----------- 20----------- pe-----------rce-----------nt -----------for----------- Ja-----------mes----------- an-----------d 3-----------0 ----------- pe-----------rce-----------nt -----------for----------- Ca-----------rl.----------- Th-----------e a-----------mou-----------nt -----------of -----------unr-----------eal-----------ize-----------d i-----------ntr-----------a-e-----------nti-----------ty -----------pro-----------fit----------- in----------- en-----------din-----------g i-----------nve-----------nto-----------ry -----------at -----------Dec-----------emb-----------er -----------31 -----------tha-----------t s-----------hou-----------ld -----------be -----------eli-----------min-----------ate-----------d i-----------n t-----------he -----------con-----------sol-----------ida-----------tio-----------n p-----------roc-----------ess----------- is-----------
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