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During 20X7, Sauce sold $3,200,000 of goods to Victory. At the end of 2007, $800,000 of those goods were still in Victory's ending inventory. Sauce charged Victory the same price it charges all its other customers.

  • During 20X7, Victory sold $1,600,000 of goods to Sauce. At the end of 20X7, $320,000 of those goods were still in Sauce's ending inventory. Victory charged Sauce the same price it charges all its other customers.
  • On the consolidated statement, inventory is showing as: 1,280,000 (amount from Victory Co.) + 480,000 (amount from Sauce Ltd.) - $320,000 ending inventory from intercompany transaction and then - $160,000 (which I don't understand where it is coming from)

Problem 1: Is anyone able to assist?

Reference no: EM132936042

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