Sinovac Corporation, a 75% own subsidiary of Pfizer Corporation sells inventory to its parent at 150% of cost, while Pfizer Corporation sells merchandise to its subsidiary at 80% above cost. Inventories of the two companies for 2022 are as follows: Pfizer Corp. Sinovac Corp. Beginning inventory P1,200,000 P750,000 Ending inventory 800,000 500,000 Pfizer Corporation’s beginning and ending inventories include merchandise acquired from Sinovac Corporation of P150,000 and P210,000, respectively. Sinovac Corporation also reported beginning and ending inventories from Pfizer Corporation of P180,000 and P100,000, respectively. Sinovac Corporation reported a net income and paid dividends for 2022 of P300,000 and P100,000 respectively. Pfizer on the other hand has income from separate operation of P750,000. How much of the consolidated net income for 2022 is attributable to Pfizer?
Sinovac Corporation, a 75% own subsidiary of Pfizer Corporation sells inventory to its parent at 150% of cost, while Pfizer Corporation sells merchandise to its subsidiary at 80% above cost. Inventories of the two companies for 2022 are as follows:
|
|
Pfizer Corp. |
Sinovac Corp. |
|
Beginning inventory |
P1,200,000 |
P750,000 |
|
Ending inventory |
800,000 |
500,000 |
Pfizer Corporation’s beginning and ending inventories include merchandise acquired from Sinovac Corporation of P150,000 and P210,000, respectively. Sinovac Corporation also reported beginning and ending inventories from Pfizer Corporation of P180,000 and P100,000, respectively. Sinovac Corporation reported a net income and paid dividends for 2022 of P300,000 and P100,000 respectively. Pfizer on the other hand has income from separate operation of P750,000.
How much of the consolidated net income for 2022 is attributable to Pfizer?
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