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Determine the consolidated cost of sales

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Question - Panel Corp. owns 75% of the voting ordinary shares of Saturated Corp. acquired at book value during 2021. Selected information from the accounts of Pan and Sat for 2022 are as follows:

 

P Corp.

S Corp.

Sales

P900,000

P500,000

Cost of sales

490,000

190,000

During 2022, Panel sold merchandise to Saturated for P50,000 at a gross pro?t of P24,000. Half of this merchandise remained in Saturated Corp.'s inventory at December 31, 2022. Saturated Corp's December 31, 2021 inventories included unrealized pro?t of P4,000 on goods acquired from Pan. Determine the consolidated cost of sales.

Reference no: EM133152965

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