Pot Co. holds 90% of the common stock of Skllet Co. During 2021, Pot reported sales...

 

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Pot Co. holds 90% of the common stock of Skllet Co. During 2021, Pot reported sales of $1,120,000 and cost of goods sold of $840,000. For this same period, Skllet had sales of $420,000 and cost of goods sold of $252,000. Included in the amounts for Pot's sales were Pot's sales of merchandise to Skillet for $140,000. There were no Intra-entity transfers from Skillet to Pot. Intra-entity transfers had the same markup as sales to outsiders. Skillet still held 40% of the intra-entity gross profit remaining in ending Inventory at the end of 2021. What are consolidated sales and cost of goods sold, respectively for 2021? Multiple Cholce $1,400.000 and $952.000. $1,400,000 and $966,000. $1,540,000 and $1,078,000. $1.400,000 and $1,022.000. $1,540,000 and $1,092.000, Pot Co. holds 90% of the common stock of Skllet Co. During 2021, Pot reported sales of $1,120,000 and cost of goods sold of $840,000. For this same period, Skllet had sales of $420,000 and cost of goods sold of $252,000. Included in the amounts for Pot's sales were Pot's sales of merchandise to Skillet for $140,000. There were no Intra-entity transfers from Skillet to Pot. Intra-entity transfers had the same markup as sales to outsiders. Skillet still held 40% of the intra-entity gross profit remaining in ending Inventory at the end of 2021. What are consolidated sales and cost of goods sold, respectively for 2021? Multiple Cholce $1,400.000 and $952.000. $1,400,000 and $966,000. $1,540,000 and $1,078,000. $1.400,000 and $1,022.000. $1,540,000 and $1,092.000,

Answer rating: 100% (QA)

The Correct Answer is Option B 1400000 and 966000 Explanation Consolidated Sales Sales of Pot Co Sal... View the full answer