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Prince Corp. owned 80% of Kile Corp.'s common stock. During October 2006, Kile sold merchandise to Prince for $140,000. At December 31, 2006, 50% of this merchandise remained in Prince's inventory. For 2006, gross profit percentages were 30% of sales for Prince and 40% of sales for Kile. The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
a) $28,000
b) $56,000
c) $22,400
d) $42,000
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The primary reason for preparing a reconciliation between interest-bearing obligations outstanding during the year and interest expense in the financial statements is to:
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For the activity level of 2500 units, compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost. d. the average variable cost per unit, e. the average fixed cost per unit; and (f) the average total cost per unit. Assume th..
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