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Problem $6-23($Algo$)$ Multiple Inventory Transfers LO $6-3,6-4$

Ajax Corporation purchased at book value $70$ percent of Beta Corporation's ownership and $90$ percent of Cole Corporation's ownership in $20$X$5.$ At the dates the ownership was acquired, the fair value of the noncontrolling interest was equal to a proportionate share of book value. There are frequent intercompany transfers among the companies. Activity relevant to $20$X$8$ follows:

YearProducerProduction CostBuyerTransfer PriceUnsold at End of YearYear Sold$20$X$7$Beta Corporation$ $42,000$Ajax Corporation$ $48,000$$ $16,00020$X$820$X$7$Cole Corporation$72,000$Beta Corporation$84,00021,00020$X$820$X$8$Ajax Corporation$33,000$Beta Corporation$53,00010,60020$X$920$X$8$Beta Corporation$75,000$Cole Corporation$84,00014,00020$X$920$X$8$Cole Corporation$45,000$Ajax Corporation$63,00021,00020$X$9$

For the year ended December $31,20$X$8,$ Ajax reported $$96,000$ of income from its separate operations $($excluding income from intercorporate investments$),$ Beta reported net income of $$44,500,$ and Cole reported net income of $$33,000.$

Required:

Compute the amount to be reported as consolidated net income for $20$X$8.$

Note: Do not round intermediate calculations.

Compute the amount to be reported as inventory in the December $31,20$X$8,$ consolidated balance sheet for the preceding items.

Note: Do not round intermediate calculations.

Compute the amount to be reported as income assigned to noncontrolling shareholders in the $20$X$8$ consolidated income statement.

Note: Do not round intermediate calculations.