What is the unrealized profits in the year-end 2019 and 2020 inventories? 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:BaelfireP650,000SheriffP520,000Sales.Cost 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.

Downstream transaction is flow of goods from subsidiary co. to Parent Co. If goods remained unsold…

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 P650,000 520,000 P 130,000 Sheriff P520,000 416,000 P104,000 Sales . Cost of goods sold . Gross profit . 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.

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 P650,000 520,000 P 130,000 Sheriff P520,000 416,000 P104,000 Sales . Cost of goods sold . Gross profit . 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.

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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