Question: On 1 December 2 0 1 6 , Square ( Subsidiary ) sold goods to Circle ( Parent ) for 1 1 0 , 0

On 1 December 2016, Square (Subsidiary) sold goods to Circle (Parent) for
110,000. Selling prices are set by marking up the cost of goods by 10%.
By 31 December 2017 Circle had sold 30% of those goods to a third party.
Circle owns 80% of Square.
Required:
Calculate PURP.
What is the adjustment in the consolidated SOFP?

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