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What is the consolidated closing inventory figure

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Reference no: EM132928251

Question - The following extracts relate to Prime and its wholly owned subsidiary Secondary:

Statement of Financial Performance

Revenue

Prime 1,200,000

Secondary 900,000

Cost of sales

Prime 800,000

Secondary 600,000

Statement of Financial Position

Inventory

Prime 170,000

Secondary 50,000

During the year the following transactions took place:

Prime's sales to Secondary: 100,000; 40% of these sales are still in inventory at balance date

Secondary's sales to Prime: $80,000; 20% of all these sales are still in inventory at balance date

Both Prime and Secondary make 10% profit on all sales (i.e., their profit = 10% of the given sales figures)

Profit in opening inventory of sales from Prime to Secondary: 1,000

Profit in opening inventory of sales from Secondary to Prime: 2,000

Required - What is the consolidated closing inventory figure?

Reference no: EM132928251

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