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What is the adjustment to cost of goods sold

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Problem - Division Corporation owns 85% of Regional operations Company. During 2005 division sells inventory costing $30,000 to regional for $40,000. Regional does not sell any of this inventory to unrelated parties before the end of 2005. During 2006 division sells inventory costing $50,000 to regional for $65,000. Also during 2006 regional sells all the inventory Purchased in 2005 and 2006 to unrelated entities. What is the adjustment to cost of goods sold in the 2006 worksheet elimination?

Reference no: EM131774449

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