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What is the adjustment to cost of goods sold

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Problem - P Corporation owns 85% of S Company. In 2016, P sold inventory costing P120,000 to S Company for 9160,000. S Company did not sell any of this inventory to unrelated parties before the end of 2016. In 2017, P Company sold inventory costing $200,000 to S Company for $260,000. Also in 2017, S Company sold to unrelated entities all the inventory purchased in 2016 and 70% of the inventory purchased in 2017. What is the adjustment to cost of goods sold in the 2017 elimination worksheet?

Reference no: EM132960469

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