What are the consolidated sales and cost of goods sold

Reference no: EM13136876

Top company holds 90% of Bottom Company's common stock. In current year, Top reports sales of $800,000 and Cost of Goods sold of $600,000. For this sam period, Bottom has sales of $300,000 and Cost of Goods Sold of $%180,000. During the current year, Top sold merchandise to Bottom of $100,000. The subsidiary still holds %40 of this Inventory at the current year end. Top has established transfer price based on its normal markup. What are the consolidated sales and Cost of Goods Sold?

a.1,000,000 and 690,000
b.1,000,000 and 705,000
c 1,000,000 and 740,000
d. 970,000 and 696,000

Reference no: EM13136876

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