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What adjustment will be needed to arrive at x consolidated

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Reference no: EM132743675

During 2019, Y Company a 90% owned subsidiary sold inventory to its parent, X Company, for $1,000,000 at a 25% mark-up on cost. 30% of this inventory remained in X's inventory at December 31st. 2019. Both companies have a tax rate of 40% and a December 31st. year end.

Problem 1: What adjustment will be needed to arrive at X's consolidated inventory for the year ended December 3st. 2019?

a. A deduction of $75,000
b. A deduction of $60,000
c. A deduction of $36,000
d. A deduction of $45,000.

Reference no: EM132743675

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