Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 3.00

James Corporation

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

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 10:07 AM My Price 3.00

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