Solution-What amount of sales be reported in financial

What amount of sales be reported in financial statements

Reference no: EM133189181

Question - On January 1, 2030, Oli purchased 90% ownership of Sam Inc. at underlying book value. The fair value of the non-controlling interest at the date of acquisition was equal to 10% of the book value of Sam Inc. On April 1, 2030, Sam purchased inventory from Oli for P180,000. Sam sold the entire inventory to unrelated parties for P240,000 on December 1, 2030. Oli had purchase the inventory sold to Sam for P124,000. The companies had no other transactions during 2030.

Required -

1. What amount of sales will be reported in the 2030 consolidated financial statements?

2. What amount of cost of goods will be reported in the 2030 consolidated financial statements?

Reference no: EM133189181

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What amount of sales be reported in financial statements

Reference no: EM133189181

Reference no: EM133189181

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