26. Jones Company owns 100% of Bruce Inc. and appropriately applies the equity method. During the current

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26. Jones Company owns 100% of Bruce Inc. and appropriately applies the equity method. During the current year, Jones sold $100,000 of inventory to Bruce Company for $150,000. Bruce Company sold half of the inventory to outsiders for $120,000.

1. What is the amount of consolidated gross profit from these transactions?

$0.

$20,000

$50,000

$70,000

$75,000

27. Reference question #26 what is the amount of unrealized profit (if any?) in the Bruce Company ending inventory?

$25,000

$50,000

$75,000

$100,000

Related Book For answer-question

Fundamentals of Advanced Accounting

ISBN: 978-1259722639

7th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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Posted Date: Jan 08, 2021 05:09 PM

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26. Jones Company owns 100% of Bruce Inc. and appropriately applies the equity method. During the current

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Fundamentals of Advanced Accounting

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