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Question - Bates Ltd. owns 60% of the outstanding common shares of Sam Ltd. During 20X6, sales from Sam to Bates were $200,000. Merchandise was priced to provide Sam with a gross margin of 20%. Bates's inventories contained $40,000 at December 31, 20X5, and $15,000 at December 31, 20X6, of merchandise purchased from Sam. Cost of goods sold for Bates and Sam for 20X6 on their separate-entity income statements were as follows:
Bates
Sam
Beginning inventory
$100,000
$50,000
Purchases
700,000
200,000
Ending inventory
(110,000)
(55,000)
Cost of goods sold
$690,000
$195,000
1. What is the balance of the consolidated inventory account at December 31, 20X6?
A) $160,000
B) $162,000
C) $165,000
D) $168,000
2. What is cost of sales on the consolidated statement of income for 20X6?
A) $687,000
B) $680,000
C) $685,600
D) $660,000
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