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FinnZ [79.3K]
3 years ago
10

Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percen

t markup. The total sales reported by Phone and Smart include both intercompany sales and sales to nonaffiliates. Required: a. What amount of sales will be reported in the consolidated income statement for 20X8
Business
1 answer:
eimsori [14]3 years ago
8 0

Answer: $790,000

Explanation:

The amount of sales that should be recorded in the consolidated statement is the total sales of each company less the sales of each company to each other.

Consolidated sales = (660,000 + 510,000) - (140,000 + 240,000)

= 1,170,000 - 380,000

= $790,000

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