1 (show answer step by step but don't write with a pen) Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information from their year-end separate financial records: Alpha Beta $95,000 $88,000 Inventory Sales Revenue Cost of Goods Sold 600,000 180,000 800,000 300,000 During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated inventory? Multiple Choice • $143,000 • $173,000 • $175,000 $183,000
1 (show answer step by step but don't write with a pen) Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information from their year-end separate financial records: Alpha Beta $95,000 $88,000 Inventory Sales Revenue Cost of Goods Sold 600,000 180,000 800,000 300,000 During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers. What is the total for consolidated inventory? Multiple Choice • $143,000 • $173,000 • $175,000 $183,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 23P
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Transcribed Image Text:1 (show answer step by step but don't write with a pen)
Alpha Company owns 80 percent of the voting stock of Beta Company. Alpha and Beta reported the following account information
from their year-end separate financial records:
Alpha Beta
$95,000 $88,000
800,000 300,000
Cost of Goods Sold 600,000 180,000
Inventory
Sales Revenue
During the current year, Alpha sold inventory to Beta for $100,000. As of year end, Beta had resold only 60 percent of these intra-entity
purchases. Alpha sells inventory to Beta at the same markup it uses for all of its customers.
What is the total for consolidated inventory?
Multiple Choice
• $143,000
$173,000
$175,000
$183,000
.
.
.
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