Reference no: EM133090329
Question - Intercompany Sales of Inventory: Riviera Shoe Corporation purchases all its inventory from its 80% owned subsidiary, Good Leather Corporation. In 2020, Good Leather produced inventory at a cost of P20,000 and sold this to Riviera for P50,000. The parent held all the items in inventory on January 1, 2021n During 2021, Riviera sold all the units for P110,000. Assume that the companies had no other transactions during either year.
1. Adjustment to decrease Income from Subsidiary at the end of 2020 should be?
2. What was the sales reported in the consolidated reports for 2021?
3. What was the sales included in the consolidated reports for 2020?
4. What was the inventory included in the consolidated financial position on Dec. 31, 2020?
5. What was the cost of goods sold included in the consolidated reports for 2021?
6. What was the cost of goods sold included in the consolidated reports for 2020?
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