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Determine consolidated sales

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Reference no: EM132600980

Information on the income statement of P and its subsidiary, S as of December 31, 2010 is as follows:

                                                           P                         S(60%)
Sales                                                  $900.000             $350
Cost of good sold                                     400.000             250
Gross profit                                            500.000                100
Operating expense                                     250.000               50
S's net income                                                                       $50
P's separate income                                                               $250.000

During 2010, S sold his inventory to P for $ 100,000. In the The ending inventory P in 2009 and 2010 contained unrealized profits, respectively $ 5,000 and $ 10,000. Based on this information you are asked to:

Question 1) Determine the non controlling interest expense for 2010

Question 2) Determine consolidated sales, consolidated cost of goods sold, and consolidated 2010 income

Reference no: EM132600980

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