There are two intra-group transactions incurred during the year ended on 30 June 2021. On 1 October
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Question:
Required:
What is the amount of total consolidated 'Inventory' balance shown on the consolidation worksheet at 30 June 2021?
During the year ended on 30 June 2020, a subsidiary entity sold inventories to its parent entity for $12 000. The inventory had originally cost the subsidiary $3 000. The parent entity sold 40% of the inventory transferred from the subsidiary to an external party during the year. The company tax rate is 30%.
Required:
What is the amount of adjustment required for the consolidated "Cost of Sales" at 30 June 2020 in relation to this intra-group transaction?
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
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