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A Canadian company with a fully owned subsidiary in Poland. The Polish subsidiary produces a potato that is specially grown for perogies. A tonne of these special potatoes have a variable cost of 100 Euros and a full cost of 120 Euros. These potatoes can be purchased on the open market in Poland for 200 Euros per tonne. A similar potato product grown on Prince Edward Island (PEI) in Canada can be purchased for $450 per tonne, but Perogy King does not prefer these PEI potatoes because they are not as creamy as the Polish potatoes.
Required:
Problem 1.) What is the Net Income for the Polish Division and the Canadian Division of Perogy King Ltd. using the market value transfer price? Show the income statement for each division in proper form.
Problem 2.) What is the Net Income for the Polish Division and the Canadian Division of Perogy King Ltd. using the 200% of Variable Cost transfer price? Show the income statement for each division in proper form.
Problem 3) What transfer price should be set for Perogy King Ltd. to minimize its total income taxes and maximize profit?
Problem 4.) What is the difference between the total income tax that Perogy King Ltd. has to pay between the two transfer methods?
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