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Question - The following extracts relate to Pan and its wholly owned subsidiary Skillet:
Pan
Skillet
Statement of Financial Performance
Revenue
1,196,000
928,000
Cost of sales
888,000
670,000
Statement of Financial Position
Inventory
168,000
36,000
During the year the following transactions took place:
-Pan's sales to Skillet 20,000.
-60% of these sales are still in inventory at balance date.
-Pan makes 10% profit on sales (i.e., profit = 10% of the given sales figure)..
-There is no intra-group profit on opening inventory.
Required - Determine the consolidated inventory figure?
a. 224,000
b. 202,800
c. 184,000
d. 205,200
e. 206,000
f. 202,000
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