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Over the next two years william continued selling inventory

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Over the next two years, William continued selling inventory to Roberts. Assume that any items in intercompany inventory at the end of a given year were sold to outside parties in the following year. Below are the details of the intercompany inventory sales:

Year

Intercompany sales

Intercompany ending inventory at transfer price

Gross profit rate on intercompany inventory transfers

2009

$125,000

$80,000

25%

2010

$220,000

$125,000

28%

2011

$300,000

$160,000

25%

What would be the journal entries and elimination entries?

Reference no: EM13581098

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