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Determine the consolidated inventory at year-end

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Question - Parent Company owns 90% of Subsidiary Company. For the current year, Parent and Subsidiary each report sales of P1,000,000 and P900,000 each, respectively. Also in the current year, Subsidiary sold goods to Parent P200,000. 40% of the goods purchased by the Subsidiary still remain unsold by the end of the year. Parent and Subsidiary have gross profit rates of 20% and 10% respectively and also report ending inventory of P85,000 and P90,000, each respectively.

1) Determine the consolidated inventory at year-end?

2) Determine consolidated cost of sales.

3) Determine consolidated sales?

Reference no: EM133044136

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