ack Co. acquired an 80% interest in Gill Co at book value on January 1, 2018. Intercompany purchases and sales and inventory data for 2018, 2019, 2020, and 2021 are as follows: Sale by Gill Co Intercompany Profit in Jack's Inventory at Dec 31 2018 $250,00 $20,000 2019 150,000 12,000 2020
Jack Co. acquired an 80% interest in Gill Co at book value on January 1, 2018. Intercompany purchases and sales and inventory data for 2018, 2019, 2020, and 2021 are as follows:
Sale by Gill Co Intercompany Profit in Jack's Inventory at Dec 31
2018 $250,00 $20,000
2019 150,000 12,000
2020 310,000 25,000
Selected data from the financial statements of Jack and Gill at and for the year ended December 31, 2020, are as follows:
Jack Gill
Income Statement
Sales 900,000 600,000
Cost of sales 625,000 300,000
Expenses 225,000 150,000
Income from Gill 124,200
Inventory 150,000 80,000
Capital Stock 500,000 300,000
Required: Calculate
1. Consolidated cost of sales for 2020
2. Noncontrolling interest share for 2020
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