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lianna [129]
2 years ago
14

ABC Corporation owns 75 percent of XYZ Company's voting shares. During 20X8, ABC produced 50,000 chairs at a cost of $79 each an

d 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 prior to consolidation
Business
1 answer:
Alika [10]2 years ago
5 0

Answer:

$2,765,000

Explanation:

Calculation to determine what amount of cost of goods sold did ABC record in 20X8 prior to consolidation

Cost of goods sold= $79 each* 35,000

Cost of goods sold=$2,765,000

Therefore the amount of cost of goods sold that ABC record in 20X8 prior to consolidation is $2,765,000

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To get it out of His hands

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Unscramble the vocabulary word from Chapter 12: yalplor
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7 0
3 years ago
Some sellers of used cars provide warranties to buyers, with the aim of reassuring buyers that the car is of good quality. These
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5 0
2 years ago
The following information applies to the questions displayed below] A local Chevrolet dealership carries the following types of
myrzilka [38]

Answer:

Chevrolet Dealership

A) The total cost of the entire inventory is:

= $575,000

B) Each inventory would be reported at the LCNRV:

Inventory Items  Quantity  Reporting Cost/Value

Vans                        4              NRV

Trucks                     7              NRV

2-door sedans        3              Cost

4-door sedans        5              Cost

Sports cars              1              Cost

SUVs                       6              NRV

C) Journal Entry:

Debit Cost of goods sold $27,000

Credit Inventory $27,000

To write-down costs to net realizable values.

D) TRUE.

Explanation:

a) Data and Calculations:

Inventory Items  Quantity    Cost per unit      NRV per Unit      LCNRV

Vans                        4           27000 $108,000      25000        $100,000

Trucks                     7            18000   126,000       17000           119,000

2-door sedans        3           13000     39,000      15000            39,000

4-door sedans        5           17000     85,000     20000            85,000

Sports cars              1          37000      37,000     40000            37,000

SUVs                       6         30000    180,000     28000           168,000

Total Cost                                      $575,000                         $548,000

3 0
3 years ago
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