A.Selected information from the separate and consolidated income statements of CHARTER LTD. andas subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows:|CHARTER LTD.P600,000ConsolidatedP924,000693,000MEMBER INC.SalesP420,000330,000P 90,000COGS450,000| Gross profitP150,000P231,000During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost thatCHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of thesegoods and still held 37.5% of them in inventory.Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.

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A.Selected information from the separate and consolidated income statements of CHARTER LTD. and as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows: Sales COGS Gross profit CHARTER LTD. P600,000 450,000 P150,000 MEMBER INC. P420,000 330,000 P 90,000 |Consolidated P924,000 693,000 P231,000 During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.

A.Selected information from the separate and consolidated income statements of CHARTER LTD. and as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows: Sales COGS Gross profit CHARTER LTD. P600,000 450,000 P150,000 MEMBER INC. P420,000 330,000 P 90,000 |Consolidated P924,000 693,000 P231,000 During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...

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