Cổ. owns 90 percent of the voting common shares of Bison Co. During 2022, Hodge had sales of $1.12 million and cost of goods sold of $840K. Additionally, In 2022, Bison record sales of $420K and cost of goods sold of $252K. In the amounts report for Bison's sales were intra-entity gross profits related to Bison's intra-entity transfer of merchandise to Hodge for $140K. (Note: there were no intra-entity transfers from Hodge to Bison) Intra-entity transfers had the same markup as sales to outsiders. At the end of 2022, Hodge stal had 40 percent of the Intra-entity gross profit remaining in ending inventory. What are consolidated sales and cost of goods sold for 2022? Multiple Choice $154M sales and $1078M COGS $1.AM sales and SO52K coGs $14M sales and $966K COGS

Cổ. owns 90 percent of the voting common shares of Bison Co. During 2022, Hodge had sales of $1.12 million and cost of goods sold of $840K. Additionally, In 2022, Bison record sales of $420K and cost of goods sold of $252K. In the amounts report for Bison's sales were intra-entity gross profits related to Bison's intra-entity transfer of merchandise to Hodge for $140K. (Note: there were no intra-entity transfers from Hodge to Bison) Intra-entity transfers had the same markup as sales to outsiders. At the end of 2022, Hodge stal had 40 percent of the Intra-entity gross profit remaining in ending inventory. What are consolidated sales and cost of goods sold for 2022? Multiple Choice $154M sales and $1078M COGS $1.AM sales and SO52K coGs $14M sales and $966K COGS

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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