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Alexandra [31]
2 years ago
15

Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 20X7, at underlying book value. On that date, the fair va

lue of noncontrolling interest was equal to 10 percent of the book value of Scrooge Corporation. Pilfer purchased inventory from Scrooge for $90,000 on August 20, 20X8, and resold 70 percent of the inventory to unaffiliated companies on December 1, 20X8, for $100,000. Scrooge produced the inventory sold to Pilfer for $67,000. The companies had no other transactions during 20X8.
Based on the information given above, what amount of sales will be reported in the 20X8 consolidated income statement?
A) $90,000
B) $120,000
C) $100,000
D) $67,000
Business
1 answer:
Maru [420]2 years ago
8 0

Answer:

C) $100,000

Explanation:

Based on the information given we were told

that the inventory Purchased by Pilfer from

Scrooge was RESOLD to companies that they are unaffiliated to on December 1, 20X8 for the amount of $100,000 which means that the amount of sales that will be reported in the 20X8 CONSOLIDATED INCOME STATEMENT

will be inventory amount of $100,000 that was resold to the unaffiliated companies.

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The given statement is true.

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5 0
1 year ago
Feather Company's inventory is recorded at its historical cost of $100,000. The replacement cost currently is $95,000; estimated
Liula [17]

Answer:

B. $97000

Explanation:

Given that

Estimated selling price = 102000

Estimated selling cost = 5000

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The net realizable value which is NRV

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Thus,

NRV = 102,000 - 5000

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Therefore, the estimated net realizable value is $97000.

Note, the other parameters listed are not used in estimating NRV.

5 0
3 years ago
Read 2 more answers
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