a. 520,000 and 65,000 respectivelyb. 30,400 and 13,000 respectivelyc. 65,000 and 81,250 respectivelyd. 13,000 and 16,250 respectively Baelfire Corporation owns an 80% interest in Sheriff Corporation acquired several years ago.Sheriff regularly sells merchandise to its parent at 125% of Sheriff's cost. Gross profit data ofBaelfire and Sheriff for the year 2020 are as follows:BaelfireP650,000SheriffSales .P520,000Cost of goods soldGross profit .520,000416,000P 130,000P104,000During 2020, Baelfire purchases inventory items from Sheriff at a transfer price ofP260,000. Baelfire's December 31, 2019 and 2020 inventories included goods acquired fromSheriff of P65,000 and P81,250, respectively.The Unrealized profits in the year-end 2019 and 2020 inventories were:

Unrealized profit is the part of profit which is not realized till the end of the accounting year.…

Baelfire Corporation owns an 80% interest in Sheriff Corporation acquired several years ago. Sheriff regularly sells merchandise to its parent at 125% of Sheriff's cost. Gross profit data of Baelfire and Sheriff for the year 2020 are as follows: Baelfire P650,000 Sheriff P520,000 416,000 P104,000 Sales . Cost of goods sold . Gross profit . 520,000 P 130,000 During 2020, Baelfire purchases inventory items from Sheriff at a transfer price of P260,000. Baelfire's December 31, 2019 and 2020 inventories included goods acquired from Sheriff of P65,000 and P81,250, respectively. The Unrealized profits in the year-end 2019 and 2020 inventories were:

Baelfire Corporation owns an 80% interest in Sheriff Corporation acquired several years ago. Sheriff regularly sells merchandise to its parent at 125% of Sheriff's cost. Gross profit data of Baelfire and Sheriff for the year 2020 are as follows: Baelfire P650,000 Sheriff P520,000 416,000 P104,000 Sales . Cost of goods sold . Gross profit . 520,000 P 130,000 During 2020, Baelfire purchases inventory items from Sheriff at a transfer price of P260,000. Baelfire's December 31, 2019 and 2020 inventories included goods acquired from Sheriff of P65,000 and P81,250, respectively. The Unrealized profits in the year-end 2019 and 2020 inventories were:

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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