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What inventory on consolidated balance sheet at december

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Problem 1: On January 1, 2019, XXX acquired 80% of YYY Company for cost purposes. YYY sold 100% of its output to XXX during 2014 and 2015 at a markup of 125% of YYY's cost. XXX had $12,000 of these items remaining in its inventory at December 31, 2015. If XXX neglected to eliminate unrealized profits from all intercompany sales from YYY, the inventory on the consolidated balance sheet at December 31, 2015 was

A) Understated by $2,400
B) Overstated by $2,400
C) Understated by $1,920.
D) Overstated by $1,920.

Reference no: EM132939933

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