Reference no: EM133091789
Question - Pablo Corp. purchased 90% of Solo Corp.'s on January 1, 2020 for P800,000. The identifiable assets liabilities of Solo Corp. are fairly valued. Solo's sales and cost of sales are P1,000,000 and P600,000 respectively. Fifty percent of the sales were made to Pablo Corp.
Pablo's beginning inventory in 2020 included P80,000 that was purchased from Solo in the prior year. At the end of 2020, the inventory of Pablo consisted of P50,000 that was acquired from Solo. Both companies use the FIFO method.
The CI from Pablo's own operations is P400,000 and paid dividends of P160,000 in 2020. On the other hand Solo's CI for 2020 was P150,000 and it paid dividends of P60,000.
Required -
1. What is the realized gross profit in the beginning inventory of Pablo Corp. in 2020?
2. What is the consolidated CI in 2020?
3. What is the gross profit rate of Solo Corp.?
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