Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2014, Skybox sold
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Parkette, Inc., acquired a 60 percent interest in Skybox Company several years ago. During 2014, Skybox sold inventory costing $213,750 to Parkette for $285,000. A total of 12 percent of this inventory was not sold to outsiders until 2015. During 2015, Skybox sold inventory costing $276,000 to Parkette for $345,000. A total of 25 percent of this inventory was not sold to outsiders until 2016. In 2015, Parkette reported cost of goods sold of $517,500 while Skybox reported $317,500. What is the consolidated cost of goods sold in 2015? |
$498,700.
$843,700.
$487,750.
$481,300.
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077862237
6th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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