Reference no: EM132314832

Question:

Following are several figures reported for Allister and Barone as of December 31, 2015:

	Allister	Barone
Inventory	$470,000	$270,000
Sales	940,000	740,000
Investment income	not given
Cost of goods sold	470,000	370,000
Operating expenses	215,000	285,000

Allister acquired 80 percent of Barone in January 2014. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $72,000 that was unrecorded on its accounting records and had a four-year remaining life.

Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2015, Barone sells inventory costing $127,000 to Allister for $174,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Determine balances for the following items that would appear on Allister's consolidated financial statements for 2015:

Inventory	$         693,000
Sales	$      1,506,000
Cost of goods sold
Operating expenses
Net income attributable to Noncontrolling Interest