U Please use the information below for the next two questions: The parent firm P holds 100% of the outstanding shares of the subsidiary S. Find below excerpts from the income statements for the year ended December 31, 2016 for the individual companies P and S. Both P and S close their books on the same day. Income Statements for the year ended December 31, 2016 P S Revenues $3,400 $1,000 COGS 2,200 600l Gross Profit 1,200 400 Spurchased five units of inventory from P for $140 each during the year ended December, 2016. Pincurred costs of $80 to produce each of these units. S sold four of these five units to an external party for $200 each, with the remaining unit still in its inventory at December 31, 2016. The remaining revenues for both companies were generated from other sale transactions to third parties. Question 23 4 pts What is P's 2016 consolidated revenue after accounting for eliminating entries? O a $4,400 O b. $3,800 O c. $3.700 O d. $3,400 O e. None of the above u Question 24 4 pts U What is P's 2016 consolidated gross profit after accounting for eliminating entries? Please use the information below for the next two questions: (note that Gross Profit = Revenues - COGS) The parent firm Pholds 100% of the outstanding shares of the subsidiary S. Find below excerpts from the income statements for the year ended December 31, 2016 for the individual companies P and S. Both P and S close their books on the same day. O a. $1.600 b. $1,580 Income Statements for the year ended December 31, 2016 O c. $1,540 P S O d. $1.240 O e. None of the above Revenues $3,400 $1,000 COGS 2.200 600 Gross Profit 1,200 400 Spurchased five units of inventory from P for $140 each during the year ended December, 2016. Pincurred costs of $80 to produce each of these units. S sold four of these five units to an external party for $200 each, with the remaining unit still in its inventory at December 31, 2016. The remaining revenues for both companies were generated from other sale transactions to third parties. D Question 23 4 pts What is P's 2016 consolidated revenue after accounting for eliminating entries? O a $4,400 O b. $3,800 O c. $3.700 O d. $3.400 O e. None of the above Question 24 4 pts Please use the information below for the next two questions: The parent firm Pholds 100% of the outstanding shares of the subsidiary S. Find below excerpts from the income statements for the year ended December 31, 2016 for the individual companies P and S. Both P and S close their books on the same day. What is P's 2016 consolidated gross profit after accounting for eliminating entries? (note that Gross Profit = Revenues - COGS) Income Statements for the year ended December 31, 2016 S O a. $1,600 Revenues $3,400 $1.000 O b. $1.580 COGS 2.200 6001 O c. $1,540 Gross Profit 1,200 400 O d. $1.240 O e. None of the above Spurchased five units of inventory from P for $140 each during the year ended December, 2016. Pincurred costs of $80 to produce each of these units. S sold four of these five units to an external party for $200 each, with the remaining unit still in its inventory at December 31, 2016. The remaining revenues for both companies were generated from other sale transactions to third parties. Question 23 4 pts What is P's 2016 consolidated revenue after accounting for eliminating entries? O a $4,400 O b. $3,800 O c. $3,700 O d. $3.400 O e. None of the above