Presented below are several figures reported for Plate Corporation and Saucer Industries as of December 31, 2014. The cost of the 70% investment was equal to 70% of the book value of Saucer's net assets. At the time of purchase, the fair values and book values of Saucer's assets and liabilities were equal.
__________________________Plate___________ Saucer
Inventory........................$120,000..............$60,000
Sales...............................200,000..............140,000
Cost of Goods Sold.............130,000...............80,000
Expenses...........................40,000...............30,000
In 2013, Saucer sold inventory to Plate which had cost $40,000 for $60,000. 25% of this inventory remained on hand at December 31, 2013, but was sold in 2014. In 2014, Saucer sold inventory to Plate which had cost $30,000 for $45,000. 40% of this inventory remained unsold at December 31, 2014.
Required:
Calculate following balances at December 31, 2014.
a. Consolidated Sales
b. Consolidated Cost of goods sold
c. Consolidated Expenses
d. Non-controlling interest share of Saucer's net income
e. Consolidated Inventory