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Category > Management Posted 11 Feb 2018 My Price 7.00

Proud Company

Multiple Inventory Transfers between Parent and Subsidiary

Proud Company and Slinky Company both produce and purchase equipment for resale each period and frequently sell to each other. Since Proud Company holds 60 percent ownership of Slinky Company, Proud’s controller compiled the following information with regard to intercompany transactions between the two companies in 20X5 and 20X6:

				Percent Resold to Nonaffiliate in
							Cost to		Sale Price
Year	Produced by	Sold to	20X5		20X6	Produce		to Affiliate
20X5	Proud Company	Slinky Company	60%		40%	$100,000		$150,000
20X5	Slinky Company	Proud Company	30		50	70,000		100,000
20X6	Proud Company	Slinky Company			90	40,000		60,000
20X6	Slinky Company	Proud Company			25	200,000		240,000

Required

a. Give the elimination entries required at December 31, 20X6, to eliminate the effects of the inventory transfers in preparing a full set of consolidated financial statements.

b. Compute the amount of cost of goods sold to be reported in the consolidated income statement for 20X6.

Answers

Maurice Tutor

(5)

Status NEW Posted 11 Feb 2018 09:02 PM My Price 7.00

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