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Determine the consolidated gross profit

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Reference no: EM132981825

Question - TWINKLE Company own 90% of the outstanding shares of Lord Company and 80% of the outstanding shares of Gen Company. The companies sell goods to each other. For the current year, TWINKLE sold goods to Gen for P250,000 at a 40% BUFF-up. Gen sold 70% of the goods to Lord for P250,000. Lord in turn sold 65% of the goods to outside parties for P300,000.

Required -

1. Determine the consolidated cost of sales.

A. 50,120

B. 274,120

C. 283,528

D. 59,528

2. Determine the consolidated gross profit.

A. 149,880

B. 240,472

C. 249,880

D. 140,472

Reference no: EM132981825

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