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Question - Selected income statement information for the two affiliates for the year 20X5 was as follows: Peanut Butter Company routinely receives goods from its 80%-owned subsidiary, Sinnamon Corporation. In 20X4, Sinnamon sold merchandise that cost $70,000 to Peanut Butter for $90,000. Half of this merchandise remained in Peanut Butter's December 31, 20X4 inventory. This inventory was sold in 20X5. During 20X5, Sinnamon sold merchandise that cost $150,000 to Peanut Butter for $210,000. One-third of the 20X5 merchandise inventory remained in Peanut Butter's December 31, 20X5 inventory.
Peanut Butter
Sinnamon
Sales Revenue
$500,000
$400,000
Cost of Goods Sold
350,000
260,000
Other Expenses
50,000
70,000
Separate Net Incomes
$100,000
$70,000
Required -
1. What amount of unrealized profit was in Peanut Butter's inventory at the end of 20X5?
a. $60,000
b. $10,000
c. $20,000
d. $70,000
e. $30,000
2. What was Peanut Butter's income from Sinnamon in 20X5?
a. $56,000
b. $36,000
c. $32,000
d. $40,000
e. $48,000
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