a. Compute the amount reported as cost of goods sold in the 20X9 consolidated income statement for the flour purchased from Slice in 20X8. Note: Do not round intermediate calculations. Answer is complete and correct. $ Cost of goods sold 120,000✔ b. Prepare the consolidation entry or entries required to remove the effects of the unrealized profit in beginning inventory in preparing the consolidation worksheet as of December 31, 20X9. Note: Do not round intermediate calculations.

a. Compute the amount reported as cost of goods sold in the 20X9 consolidated income statement for the flour purchased from Slice in 20X8. Note: Do not round intermediate calculations. Answer is complete and correct. $ Cost of goods sold 120,000✔ b. Prepare the consolidation entry or entries required to remove the effects of the unrealized profit in beginning inventory in preparing the consolidation worksheet as of December 31, 20X9. Note: Do not round intermediate calculations.

Name: Pie Bakery owns 60 percent of Slice Products Company's stock. On Janu
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Description: Pie Bakery owns 60 percent of Slice Products Company's stock. On January 1, 20X9, inventory reported by Pie included 20,000 bagsof flour purchased from Slice at $9 per bag. By December 31, 20X9, all the beginning inventory purchased from Slice Produ

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does nct indice Problem 6-3A Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost 660 units@ $60 per unit 330 units@ $57 per unit 110 units @ $45 per unit Units Sold at Retail Jan. 1 Beginning inventory Feb. 10 Purchase 13 Purchase 15 Sales 21 Purchas Mar. Mar. 715 units@ $70 per unit 160 units @ $65 per unit 570 units @ $61 per unit Aug. Sept. 5 Purchase Sept. 10 Sales 730 units @ $70 per unit Totals 1,830 units 1,445 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Answer is complete but not entirely correct. 2$ 20,133 Cost of goods available for sale Number of units available for sale 1,830 units Prev 1 of 3 Next >
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How much should it report as Cost of Goods Sold?