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What adjustment to inventory must be made

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Question - Koch acquired 100% of O'Bannon on January 1, 2016. The transaction was not a bargain purchase. On the acquisition date, O'Bannon's Inventory had a book value of 35,083 and a fair value of 32,072.  No intercompany inventory transaction occurred during 2016. Koch and O'Bannon both use the FIFO inventory cost flow assumption.  O'Bannon's inventory turns over approximately 10 times per year.

What adjustment to Inventory must be made when preparing Koch's consolidated financial statements as of 12/31/2016?

Reference no: EM133157619

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